Purchase of Road Construction Site Planned Under Son and Younger Sister's Names
[Asia Economy Reporter Park Hyesook] The police have conducted a search and seizure at the residence of former Incheon Jung-gu Mayor Kim Hongseop (72), who has been booked on charges of real estate speculation using undisclosed information.
The Incheon Metropolitan Police Agency's Special Investigation Unit for Real Estate Speculation Crimes announced on the 24th that they conducted search and seizure at two locations, including Kim's home, on charges of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission (Anti-Corruption Act) and the Real Name Real Estate Act.
Starting at 9:10 a.m. that day, the police sent investigators to Kim's actual residence in Songdo International City, Incheon, and two registered residential addresses to secure his mobile phone and real estate sales contracts.
Kim is suspected of purchasing 33,000㎡ of forest land on Muui-do, Jung-gu, Incheon, under his son's name for 3.6 billion won in September 2015, using undisclosed information during his tenure, and buying 2,000㎡ of land in Deokgyo-dong, Yeongjong-do, Jung-gu, under his sister's name for 400 million won in December of the same year.
The police believe that Kim purchased the land under his family members' names in advance, knowing that roads were planned to be constructed nearby both properties.
It is known that Kim still holds the Muui-do forest land purchased under his son's name, while the Deokgyo-dong land in Yeongjong-do has been sold.
The police plan to summon Kim as a suspect for investigation once the analysis of the seized items is complete.
Kim was first elected as Jung-gu Mayor in a by-election in June 2000 and served four terms. In 2006, he lost his mayoral position after being convicted of violating election laws but returned to office after winning a by-election in 2012.
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