'Arrest Warrant Requested for Pocheon City Official on Charges of Insider Trading'

On the 15th, police are moving seized items to a vehicle after completing a search and seizure at Pocheon City Hall in Gyeonggi-do.
[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-ju] A public official in Pocheon-si, Gyeonggi Province, suspected of purchasing land and buildings near a planned subway station site using insider information, has had an arrest warrant requested.

According to the police on the 26th, the Special Investigation Unit for Real Estate Speculation Crimes of the Northern Gyeonggi Police Agency filed a pre-arrest warrant request with the Uijeongbu District Court yesterday afternoon against senior public official A of Pocheon-si on charges of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission (use of official secrets).

Earlier, on the 24th, the prosecution requested the police to supplement the facts regarding claims made by A's lawyer, and within a day, the police resubmitted the warrant request to the court.

The pre-arrest suspect interrogation (warrant hearing) for A is expected to take place around the 29th. Typically, if the weekend intervenes, the hearing is postponed to the following weekday. The exact schedule for the warrant hearing will be decided by the court within the day.

A is suspected of purchasing approximately 2,600 square meters of land and a one-story prefabricated building near the planned station site of the urban railway extension line last September, jointly owned with his wife, using insider information.

The police have been investigating on the grounds that A used insider information obtained while handling the urban railway extension project to speculate. A is reported to deny the charges, claiming the information was already public.

The police also applied for seizure preservation of the real estate purchased by A, and the Uijeongbu District Court approved this on the 24th.

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