72 Public Officials Under Investigation for 'Speculation Allegations'... "Arrest and Prosecution Will Be Pursued" if Internal Information Is Used

41 Public Officials and 31 Public Institution Employees
Scheduled for Multiple Summons This Week

The Anti-Corruption Crime Investigation Unit of the Jeonbuk Provincial Police Agency, investigating allegations of real estate speculation in new towns in the Seoul metropolitan area, conducted a search and seizure at the Jeonbuk headquarters office of the Korea Land and Housing Corporation (LH) on the 22nd, moving boxes containing seized items.
[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-ju] The scope of investigations into real estate speculation allegations triggered by employees of Korea Land and Housing Corporation (LH) is steadily expanding. The police plan to respond strictly, with the principle of arrest and investigation if public officials are found to have speculated using insider information.

According to the National Police Agency's National Investigation Headquarters (NIH) as of the morning of the 22nd, there are a total of 61 ongoing investigations, involving 309 suspects. Compared to 37 cases and 198 suspects as of the 17th, this represents a significant increase over five days.

Among these, 11 are reported cases, 5 are investigations requested by other agencies such as the government joint investigation team (Joint Investigation Team), and the remaining 45 were identified through police intelligence. Including the 23 additional suspects referred for investigation by the Joint Investigation Team last week, the number of investigation targets is expected to increase further. The police received related materials about these individuals from the Joint Investigation Team over the past weekend and plan to assign cases and proceed with investigations this afternoon.

Furthermore, among the 309 suspects under investigation, 41 are currently identified as public officials and 31 as public institution employees. A request for investigation regarding a Blue House Security Office employee implicated in speculation allegations this morning has also been received by the police, and a preliminary investigation will commence.

Reports and tips through the police reporting center are also actively being submitted. Since its opening on the 15th of this month until the 20th, 324 reports have been received over six days. The police plan to carefully review about 120 reports containing specific details and assign cases for investigation if necessary.

This morning, the police conducted a search and seizure at the LH Jeonbuk Regional Headquarters and summoned LH employees initially suspected of speculation for questioning. Choi Seung-ryeol, head of the NIH Investigation Bureau, stated, "This week, summons and questioning of suspects and witnesses will take place," adding, "We plan to proceed with a process of verifying by comparing and analyzing secured investigation materials and testimonies."

The police emphasized that if speculation using insider information by public officials is confirmed, they will proceed with arrest and investigation. Director Choi explained, "The NIH is considering guidelines for handling suspects," and added, "At least, there will be no significant change in the principle of applying for arrest warrants for insider information use by public officials."

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