Police Send Former Siheung City Council Member to Prosecution on Suspicion of Insider Information Trading

A former Siheung City Council member A purchased and constructed a two-story building under his daughter's name.
[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-ju] A former Siheung City council member who purchased land in Gwarim-dong, Siheung-si, Gyeonggi Province, designated as a 3rd phase new town, and was suspected of speculation, has been handed over to the prosecution.

The Special Investigation Unit for Real Estate Speculation Crimes of the Southern Gyeonggi Provincial Police Agency announced on the 11th that former Siheung City council member A was sent to the prosecution under detention on charges including violation of the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission.

A is suspected of using insider information to purchase 130㎡ of forest land in Gwarim-dong under his child's name in October 2018. A obtained a building permit and constructed a two-story building, but aside from a junkyard around the building, there were no other facilities, raising suspicions that he speculated knowing the information. Earlier in March, the civic group Judicial Examination Preparation Students Association (Sajunmo) filed a complaint against A with the National Police Agency's Criminal Investigation Headquarters.

The police applied for a pre-arrest warrant for A, and the court issued the arrest warrant on the 4th of this month, stating that "there is a risk of evidence destruction and flight." A resigned from his council position as the police investigation began.