Gyeongnam Province Launches Comprehensive Investigation into 'Real Estate Speculation' by Public Officials in Local Development Areas

Investigation of Real Estate Transactions by Public Officials Through Voluntary Reporting
Illegal Activities Referred for Investigation

Im Myunghyo, Chairman of the Audit Committee of Gyeongnam Province.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Recently, amid a series of suspicions regarding real estate speculation using development information by employees of Korea Land and Housing Corporation (LH), Gyeongsangnam-do has launched a full-scale investigation into real estate transactions in development areas conducted by public officials and executives of public institutions within the province.

The investigation targets six development projects: Gyeongnam Aviation National Industrial Complex, Miryang Nano National Industrial Complex, Seogimhae General Industrial Complex, Yangsan Gasan General Industrial Complex, Haman Gunbuk General Industrial Complex, and Sancheong Oriental Medicine Anti-aging General Industrial Complex.

Considering that these projects were implemented by the province and Gyeongnam Development Corporation and that the statute of limitations is seven years, the investigation will review real estate transaction records from 2014 to the present in towns and townships that include development project (planned) districts.

This investigation will first have all public officials voluntarily report by the 23rd, followed by an official investigation targeting public officials of grade 4 or higher, those who have worked in departments that promoted the projects or handled development project permits, and executives and employees of Gyeongnam Development Corporation. All employees related to the development departments will be investigated regardless of rank.

Furthermore, the investigation includes not only the public officials themselves but also their spouses and direct lineal relatives.

At a briefing on the day, Audit Committee Chairman Im Myeonghyo stated, "Considering the public outrage over suspicions of real estate speculation by public officials, an urgent investigation is necessary," and added, "We ask public officials to take this investigation as an opportunity for self-reflection and a sense of duty and to cooperate."

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