Korea Anti-Corruption Commission: "16 Cases of Suspected Real Estate Speculation Including 12 Ruling Party Lawmakers and Family Members... Referred to Special Investigation Headquarters" (Comprehensive)

Team Leader Kim Tae-eung Briefs on Full Inspection Results at Government Seoul Office on the 7th
Confirmed Suspicious Cases Including 6 Nominee Trusts, 3 Cases of Misuse of Official Secrets, and 6 Violations of the Farmland Act

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] The Anti-Corruption and Civil Rights Commission announced on the 7th that it has forwarded 16 cases, including 12 lawmakers suspected of legal violations, out of a total of 816 people including 174 members of the National Assembly from the Democratic Party of Korea and their families, based on a seven-year full investigation of real estate transactions, to the Government Joint Special Investigation Headquarters.

Kim Tae-eung, Standing Commissioner of the Anti-Corruption Commission and head of the special investigation team, held a briefing at the Government Seoul Office in the afternoon and announced that the investigation results will also be notified to the Democratic Party to ensure responsible measures at the party level.

According to the Anti-Corruption Commission, the cases forwarded to the Special Investigation Headquarters include ▲6 cases of suspected real estate name trust ▲3 cases of suspected use of confidential information in the course of duty ▲6 cases of suspected violation of the Farmland Act ▲1 case of suspected violation of the Building Act. Among these, two cases are related to the 3rd New Town development. The special investigation team explained that they secured real estate transaction details and ownership status through related agencies and conducted the investigation by cross-verifying these with the registry office records and National Assembly property declarations.

Considering the public interest in the speculation by employees of Korea Land and Housing Corporation (LH) regarding the 3rd New Town, they focused on investigating real estate transactions and ownership status in the 3rd New Town and nearby areas. They also examined cases reported as suspected speculation by lawmakers that were covered by the media as well as those reported to the commission. For matters requiring fact verification, on-site investigations were conducted directly, and for thorough investigation, the Democratic Party requested and provided financial transaction details, enabling in-depth investigation.

Commissioner Kim said, "In this full-scale real estate investigation, we made our best efforts to forward any case with even the slightest suspicion of legal violation to investigative agencies without any political consideration, strictly following laws and principles," and added, "I hope this investigation by the Anti-Corruption Commission will serve as an opportunity to eradicate real estate speculation by public officials." He further stated, "In line with the government's comprehensive efforts to eliminate real estate corruption, we will continue to thoroughly investigate reports related to real estate speculation received by the commission and persistently pursue institutional improvements to prevent real estate speculation."

Earlier, the Anti-Corruption Commission gave final approval to the investigation results at the plenary committee meeting held at 2 p.m. on the same day. The plenary committee consists of 15 standing and non-standing commissioners, and Chairperson Jeon Hyun-hee, who reported a private conflict of interest, did not attend. Chairperson Jeon stated that to secure political neutrality and fairness during the investigation process, she reported her private conflict of interest upon the launch of the special investigation team on March 30 and has since taken all measures to recuse herself from related duties.