Nearly 3,000 Under Investigation for Real Estate Speculation... 'Gang Sajang' to Face Warrant Hearing Tomorrow

Special Investigation Unit, Rep. Jeong Chan-min Under Supplementary Investigation
Reapplication for Arrest Warrant Expected

[Asia Economy Reporter Lee Gwan-joo] The government joint special investigation headquarters (Special Investigation Headquarters, SIH) investigating real estate speculation allegations triggered by Korea Land and Housing Corporation (LH) has expanded its investigation targets to nearly 3,000 people, just over three months since the initial allegations were raised on the 7th.

A SIH official told reporters on the day, "We are currently investigating a total of 670 cases involving 2,974 people, including 328 cases and 1,590 people related to speculation using insider information, and 342 cases and 1,384 people related to other illegal real estate activities such as planned real estate fraud." Among them, 626 people have been handed over to the prosecution, and 290 cases were closed without indictment or prosecution.

The investigation targets include 8 former and current high-ranking public officials, 15 local government heads, 270 public officials, and 77 LH employees. The SIH has seized and preserved assets worth approximately 66 billion KRW in 24 cases before prosecution.

The SIH completed supplementary investigations on LH employee Kang Mo, known as the so-called 'Gang Sajang' and considered a key figure in the 3rd New Town speculation allegations, and re-applied for an arrest warrant. The prosecution filed the arrest warrant on the 3rd. Kang's pre-arrest detention hearing (warrant substantive examination) will be held at 10:30 a.m. on the 8th at the Ansan branch of the Suwon District Court.

Regarding Jeong Chan-min, a member of the National Assembly from the People Power Party, for whom the SIH first applied for an arrest warrant among current lawmakers, supplementary investigations are underway. The prosecution previously rejected the arrest warrant application submitted by the police on the 4th and requested additional investigations. A SIH official said, "There is no disagreement; it is just a request for additional supplementation, so we are in the process of supplementing," adding, "We plan to reapply for the arrest warrant after supplementation."