Police Seek Arrest Warrant for Jeonnam Sinan-gun Council Member Over Speculation Allegations... 9.2 Billion Won Seized

Jeonnam Provincial Police Agency.

[Asia Economy Reporter Lee Gwan-ju] The police have requested an arrest warrant for a member of the Jeonnam Shinan County Council suspected of insider trading related to island area development projects. Additionally, pre-indictment seizure and preservation measures were taken on real estate worth approximately 9.2 billion KRW purchased by the council member.

On the 14th, according to the Government Joint Special Investigation Headquarters (Special Investigation Unit), the Jeonnam Provincial Police Agency's Special Investigation Team for Real Estate Speculation Crimes applied for an arrest warrant against Council Member A of Shinan County on charges of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission.

The prosecution accepted the police's request and filed the warrant with the court. The date for the court's pre-arrest suspect interrogation (warrant substantive examination) has not yet been scheduled.

Mr. A is suspected of insider trading by having prior knowledge of the development plan for the area around Amhaedo in Shinan County. In August 2019, he took out a loan to purchase six plots of forest land on Amhaedo for 2.45 billion KRW, which is known to be scheduled for conversion to a commercial zone due to a change in urban planning.

On the 23rd of last month, the police conducted searches and seizures at Shinan County Office and Shinan County Council, secured related materials for analysis, and summoned Mr. A for investigation, focusing on proving the charges.

Furthermore, the police applied for pre-indictment seizure and preservation of real estate worth approximately 9.2 billion KRW purchased by Mr. A, which was approved by the court.