Police Chief: "Speculation, Unrestricted Investigation... All Means Mobilized to Recover Unfair Gains"

Pocheon Public Official Arrest Warrant Requested

Yongin Semiconductor Cluster Acquisition
Former Gyeonggi Province Public Official Raided

Gyeongbuk Cheongdo Rural Public Corporation Employee Booked

Kim Chang-ryong, Commissioner of the National Police Agency, is presiding over a nationwide command video conference held at the National Police Agency in Seodaemun-gu, Seoul, on the morning of the 26th. [Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-joo] On the 26th, Kim Chang-ryong, Commissioner of the National Police Agency, gave instructions regarding the investigation into real estate speculation allegations stemming from the Korea Land and Housing Corporation (LH), stating, "Regardless of status or position, conduct a strict investigation without sanctuary according to law and principles, and take all possible measures such as applying for confiscation and recovery of land and assets acquired through speculation to reclaim unjust profits."

At a 'National Police Command Video Conference' held at the police headquarters that morning, Commissioner Kim said, "We must trust the capabilities we have prepared and accumulated so far, and by mobilizing all available resources for a thorough investigation, we should demonstrate results that the public can truly trust."

Commissioner Kim particularly emphasized, "Through the reform of investigative authority, we have reached the first test stage where we must take seriously the authority and responsibility given by the people and fully prove the police's investigative capabilities," adding, "The investigative police, with over 32,000 personnel, are a responsible investigative agency with sufficient investigative experience and skills."

He also stressed ‘responsible investigation’ prioritizing human rights. He said, "Throughout all investigative processes, the rights of those involved in the case, guaranteed by the Constitution and laws, must be protected, and investigations must be conducted through lawful procedures and methods without any prejudice or bias."

The police investigation into real estate speculation allegations is progressing on all fronts. For the first time, an arrest warrant was requested for Mr. A, a public official in Pocheon City, Gyeonggi Province, suspected of purchasing land and buildings near a planned subway station site using insider information. Earlier, on the 24th, the prosecution requested supplementary fact verification regarding claims made by Mr. A’s lawyer about the pre-arrest warrant applied for by the police, and the next day, the police resubmitted the warrant application to the court. The pre-arrest suspect interrogation (warrant hearing) for Mr. A will be held at 10:30 a.m. on the 29th at the Uijeongbu District Court. If Mr. A is detained, it will be the first arrest case since the launch of the government joint special investigation headquarters (Special Investigation Headquarters) centered on the National Police Agency’s National Investigation Headquarters on the 10th. The police have stated that they will, in principle, conduct arrest investigations for public officials involved in speculation using insider information.

Forced investigations have also begun against Mr. B, a former senior official of Gyeonggi Province, who purchased land near the semiconductor cluster development site in Yongin City, Gyeonggi Province. The Special Investigation Unit for Real Estate Speculation Crimes of the Gyeonggi Southern Provincial Police Agency conducted a search and seizure at Mr. A’s residence the day before. Mr. B, who was in charge of attracting the semiconductor special zone, purchased four plots totaling about 1,500㎡ in Doksong-ri, Wonsam-myeon, Yongin City, under the name of a company represented by his wife in October 2018 for 500 million won. It is known that the market price of this land increased about fivefold after the semiconductor cluster development plan was disclosed. The police plan to summon Mr. B for questioning once the evidence analysis is complete.

The Gyeongbuk Provincial Police Agency also booked Mr. C, an employee of the Korea Rural Community Corporation, who purchased land near a development site using work-related information. Mr. C is suspected of buying land worth about 500 million won near the development site using information related to a river maintenance project commissioned by a local government in Gyeongbuk between 2017 and 2018.

Meanwhile, regarding the upcoming April 7 by-elections just two weeks away, Commissioner Kim urged, "Investigate election-related crimes strictly according to law and principles, while firmly maintaining political neutrality," and requested, "For important cases, the heads of provincial police agencies should personally and carefully oversee to avoid any disputes over fairness."

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