Prosecutors Prepare Comprehensive Measures Against 'Real Estate Speculation Criminals'... Nationwide Prosecutors' Video Conference Tomorrow (Comprehensive)

All Public Officials Involved in Speculative Investment Arrested and Prosecuted with Maximum Sentences
Expansion of Dedicated Real Estate Speculation Investigation Teams in 43 Prosecutor's Offices Nationwide
Comprehensive Review of Real Estate Speculation Cases Over the Past 5 Years

Seoul Seocho-gu Supreme Prosecutors' Office building./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Choi Seok-jin] The prosecution has decided to expand the 'Dedicated Investigation Teams for Real Estate Speculation Offenders' to 43 prosecution offices nationwide in order to fully respond to real estate speculation crimes, including allegations of speculation involving employees of Korea Land and Housing Corporation (LH) and public officials related to the 3rd New Town development projects.

The prosecution has established a principle of detaining all public officials involved in speculation crimes who use confidential information in the course of their duties, and will seek the maximum legal penalties in court. Additionally, they plan to conduct a comprehensive review of real estate speculation cases disposed of in the past five years and, if necessary, prosecutors will directly reopen and investigate cases requiring further inquiry or changes in disposition.

On the 30th, the Supreme Prosecutors' Office issued instructions to prosecution offices nationwide outlining these comprehensive countermeasures to eradicate real estate speculation.

On the morning of the 31st, a 'National Prosecutors General Video Conference' will be held, chaired by Acting Prosecutor General Cho Nam-gwan, with the participation of 18 district prosecutors and five branch prosecutors from the metropolitan area overseeing the 3rd New Town projects, to discuss specific measures to eradicate real estate speculation.

At the Anti-Corruption Policy Council chaired by President Moon Jae-in the previous day, it was decided to organize dedicated investigation teams for real estate speculation offenders in 43 prosecution offices nationwide, deploying more than 500 prosecutors and investigators.

Furthermore, the prosecution has been instructed to directly investigate cases related to real estate corruption that have been transferred from the police or collected through its own intelligence on six major serious crimes.

After the Anti-Corruption Policy Council, Acting Prosecutor General Cho returned to the Supreme Prosecutors' Office and held a meeting with senior officials to discuss ways to implement these decisions.

The instructions issued by the Supreme Prosecutors' Office to prosecution offices nationwide as part of the comprehensive countermeasures to eradicate real estate speculation include: ▲ expanding dedicated investigation teams for real estate speculation offenders ▲ detaining all public officials involved in speculation and seeking maximum legal penalties ▲ re-examining real estate speculation cases disposed of within the past five years ▲ fundamentally confiscating criminal proceeds and promptly and strictly handling transferred cases.

First, the 'Dedicated Investigation Teams for Real Estate Speculation Offenders,' currently established in some prosecution offices such as the Ansan branch office overseeing the Gwangmyeong and Siheung New Town areas, will be expanded to 43 prosecution offices nationwide.

The 43 prosecution offices include 18 district prosecution offices, 10 branch offices with deputy chief prosecutors such as Busan Northern, Ansan, Anyang, and Seongnam branches, and 15 branch offices without deputy chief prosecutors but with branch chiefs and senior prosecutors, including Gyeongju, Pohang, Seosan, Wonju, and Gangneung.

Each dedicated team will consist of one senior prosecutor, three to four regular prosecutors, and six to eight or more investigators, with a total of over 500 prosecutors and investigators assigned nationwide.

The Supreme Prosecutors' Office has set a policy to consider real estate speculation crimes committed by public officials who use confidential information or leak development information as serious corruption crimes, and to detain all involved as a principle. They will also seek the maximum legal penalties and maintain a zero-tolerance policy by actively appealing against lenient sentencing to ensure punishments commensurate with the crimes.

Additionally, the Supreme Prosecutors' Office has instructed strict measures against private real estate speculation crimes such as planned real estate fraud, including detaining repeat and business-like offenders and significantly increasing fines.

A comprehensive review of real estate speculation cases disposed of in the past five years will also be conducted. During this process, relevant crime intelligence will be collected and analyzed, and if additional investigation or changes in disposition are necessary, prosecutors will directly reopen and investigate the cases.

Finally, the Supreme Prosecutors' Office has instructed thorough confiscation of criminal proceeds from real estate speculation, prompt and strict handling of police-transferred cases, and direct investigation by prosecutors of crimes where such action is possible.

According to the revised criminal laws, cases that were dismissed after transfer but later reopened, or crimes directly related to such cases, can be directly investigated by prosecutors. The prosecution plans to focus primarily on cases involving public officials, their families, and acquaintances, while expanding the scope of investigation to include private real estate speculation offenders.

Meanwhile, from 10 a.m. on the 31st, a nationwide prosecutors general video conference to eradicate real estate speculation will be held at the Supreme Prosecutors' Office and each district and branch office. Acting Prosecutor General Cho, Lee Jong-geun, head of the Criminal Affairs Department at the Supreme Prosecutors' Office, and Kim Bong-hyun, head of the Criminal Division 1, will attend, along with 18 district prosecutors and five branch prosecutors overseeing the 3rd New Town metropolitan area.

During the meeting, participants will share cases and insights from the crackdown on real estate speculation offenders in the 2nd New Town projects, the current status of dedicated investigation teams, and response cases, and discuss countermeasures to eradicate real estate speculation.

A Supreme Prosecutors' Office official stated, "The prosecution will maintain a zero-tolerance policy toward real estate speculation offenders and will concentrate all efforts to eradicate such crimes."

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