Gyeongbuk Province Investigates Land Speculation by 'Related Public Officials' in 8 Development Zones Including the Provincial Government New Town

For Employees of Gyeongbuk Development Corporation and Local Government Officials

Gyeongbuk Provincial Government New Town Panorama.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Amid the spreading allegations of land speculation by employees of Korea Land and Housing Corporation (LH), Gyeongsangbuk-do announced on the 16th that it will form an investigation team separate from the government probe to proactively investigate whether executives and employees of Gyeongbuk Development Corporation and related government officials engaged in speculation.

The investigation targets a total of eight districts, including seven districts such as the Gyeongbuk Provincial Government Relocation New Town construction project independently promoted by Gyeongbuk Development Corporation, and one district, the Singyeongju Station Area National Industrial Complex, promoted through consignment and delegation.

Aside from the Gyeongbuk Provincial Government Relocation New Town, the other six districts are ▲ Gyeongju Dongcheon District ▲ Gyeongsan Cosmetics Specialization District ▲ Gyeongsan Sangnim Rehabilitation Industry Specialization Complex ▲ Chilgok Jungri District ▲ Goryeong Gwanchon District ▲ Yeongju Advanced Bearing National Industrial Complex.

The investigation will first be conducted on all executives and employees of Gyeongbuk Development Corporation and government officials from relevant departments of the provincial and city/county governments overseeing the development districts. Subsequently, spouses and direct lineal relatives will be investigated in the second phase.

The scope of the investigation includes government officials who have worked in relevant departments of the provincial and city/county governments overseeing the districts from the date of public announcement of each district’s location to five years prior to the announcement.

Gyeongsangbuk-do will obtain consent forms for personal information provision from the investigation subjects and conduct a full survey of land ownership and land transaction details within the targeted districts. To verify this, they plan to utilize acquisition tax payment data and other materials.

Jeong Gyu-sik, Auditor of Gyeongsangbuk-do, stated, "As allegations of speculation by public officials are expanding nationwide, we judged that a proactive investigation is necessary to establish public service discipline," adding, "If inappropriate speculative activities by public officials are found through the investigation, we will hold them strictly accountable."

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