LH Employee's Home Yields 'Development Map'... Police Investigate Possible Speculation Links

Police Secure Land Development Maps at LH Employee's Residence
Source of Materials and Connection to Speculation Under Investigation

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-yoon] It has been confirmed that the police investigating allegations of speculation by employees of Korea Land and Housing Corporation (LH) in planned new town areas secured land development-related maps during the search of some employees' homes.

The National Police Agency's National Investigation Headquarters (NIH) announced on the 10th that they secured land development-related maps during the search of LH employees' homes and are verifying the source of the materials and whether they are related to speculation.

The Anti-Corruption Economic Crime Investigation Unit of the Southern Gyeonggi Provincial Police Agency conducted simultaneous searches starting at 9:30 a.m. the previous day at LH headquarters in Jinju, Gyeongnam, the Gwacheon-Uiwang Business Headquarters in Gwacheon, Gyeonggi, the Gwangmyeong-Siheung Business Headquarters in Incheon, as well as the residences of 13 current LH employees suspected of speculation. A total of 67 investigators were deployed, and the search concluded around 7:30 p.m., about 10 hours later, with the Jinju headquarters being the last location searched.

The police have imposed travel bans on the 13 current employees whose homes were searched. They have been registered as suspects under charges of violating the Anti-Corruption Act and are under investigation. In addition to these, two former employees are also under investigation, bringing the total number of suspects in this case to 15. However, it is known that the two former employees were excluded from the searches conducted the previous day.

The police are analyzing computers and related electronic documents secured from the Jinju headquarters, as well as employees' personal mobile phones and PCs obtained during the searches, and plan to summon the employees for questioning once the analysis is complete.

Meanwhile, the Special Investigation Unit for Real Estate Speculation Offenders established within the NIH has been elevated to the 'Government Joint Special Investigation Headquarters.' Nam Gu-jun, head of the NIH, will serve as the head of the Government Joint Special Investigation Headquarters, and investigative personnel will be significantly increased, centered on the anti-corruption investigation units of each provincial police agency. Additionally, experts will be dispatched from related agencies such as the National Tax Service and the Financial Services Commission to assist operations. The scope of the investigation will also expand beyond the 3rd phase new towns to include suspected speculative areas related to real estate policies being developed by local governments nationwide.

This content was produced with the assistance of AI translation services.