Police Conduct Search and Seizure on Former Gyeonggi Province Official Over Suspected Speculation in 'Yongin Semiconductor Cluster' (Comprehensive)

Afternoon view on the 23rd of Wonsam-myeon area, Cheoin-gu, Yongin-si, Gyeonggi-do, where the semiconductor cluster industrial complex will be established.
[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-joo] The police have launched a forced investigation into a former Gyeonggi Province official who was suspected of speculation after purchasing land near the semiconductor cluster development site in Yongin, Gyeonggi Province.

The Special Investigation Unit for Real Estate Speculation Crimes of the Southern Gyeonggi Provincial Police Agency conducted a search and seizure at the residence of Mr. A, a former official in charge of attracting the semiconductor special zone in Gyeonggi Province, starting at 10 a.m. on the 15th.

The search and seizure lasted about 5 hours and 30 minutes. The police reportedly secured Mr. A's mobile phone and laptop. They plan to analyze the obtained materials to determine whether Mr. A purchased the land using insider information.

In October 2018, while serving as the team leader of the Investment Promotion Division of Gyeonggi Province, Mr. A purchased four plots of land totaling approximately 1,500㎡ in Doksong-ri, Wonsam-myeon, Yongin City, under the name of a company represented by his wife, for 500 million won. It is reported that the land price increased about fivefold after the semiconductor cluster development plans were disclosed.

In particular, the timing of the land purchase coincided with when Gyeonggi Province was proposing the establishment of a semiconductor cluster centered on SK Hynix to the central government, raising suspicions that insider information may have been used.

Earlier, on the 23rd, Gyeonggi Province filed a complaint with the police against Mr. A for violating the Anti-Corruption and Civil Rights Commission Act. The police plan to summon and investigate Mr. A once the analysis of the evidence is complete.

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