Prosecutors Launch Nationwide Chiefs Meeting to Eradicate Real Estate Speculation... "Limitations of Direct Prosecution Under Current Law" Also Pointed Out

Acting Prosecutor General Jo Nam-gwan is arriving at the Supreme Prosecutors' Office in Seocho-gu, Seoul, on the morning of the 31st ahead of a nationwide video conference of chief prosecutors to eradicate real estate speculation.

[Asia Economy Reporter Choi Seok-jin] On the 31st, the prosecution will hold a "National Chief Prosecutors Meeting" chaired by Acting Prosecutor General Cho Nam-gwan to discuss countermeasures to eradicate real estate speculation.

Following the government policy decided at the 7th Anti-Corruption Policy Council on the 29th, the prosecution has released several measures including principle-based detention and expanded direct investigations of real estate speculation suspects. However, there are criticisms that the prosecution's role is limited as the scope of direct investigations has been reduced and the prosecution's authority to direct police investigations has disappeared due to the adjustment of investigative rights between the prosecution and police.

The Supreme Prosecutors' Office started a nationwide video conference of chief prosecutors at 10 a.m. on the same day to discuss the prosecution's response to real estate speculation suspects.

The meeting was attended by Acting Prosecutor General Cho, Lee Jong-geun, Head of the Criminal Department of the Supreme Prosecutors' Office, Kim Bong-hyun, Head of the First Criminal Division, as well as 18 district chief prosecutors nationwide and five metropolitan area branch chiefs in charge of the 3rd New Towns including Seongnam, Goyang, Bucheon, Ansan, and Anyang.

At the meeting, participants are expected to share investigation cases of real estate speculation suspects in the 2nd New Towns such as Gimpo, Dongtan, Gwanggyo, and Pangyo, where in 2005 the prosecution formed a joint investigation headquarters with related agencies including the police, National Tax Service, and Ministry of Construction and Transportation, uncovering over 15,000 speculation suspects and detaining 455 of them.

They will also receive reports on the current status of dedicated investigation teams for real estate speculation across prosecution offices nationwide and discuss future response measures.

The day before, the Supreme Prosecutors' Office instructed local prosecution offices to ▲organize dedicated investigation teams at 43 prosecution offices nationwide (deploying about 500 prosecutors and investigators) ▲detain all public officials involved in speculation and seek the maximum legal penalties ▲completely review real estate speculation cases within five years ▲fundamentally confiscate criminal proceeds and promptly and strictly handle transferred cases.

However, despite the prosecution's active response policy, there is a prevailing view around the prosecution that under current laws, the prosecution will face limitations in achieving investigative results in the ongoing "LH case."

Most importantly, the Anti-Corruption and Civil Rights Commission Act, Special Act on Public Housing, and Farmland Act, which apply to this case, are not included in the "six major crimes" that the prosecution can directly investigate, so the prosecution originally has no investigative authority. Moreover, since the police are leading the investigation, the prosecution's role will inevitably be limited to supporting the investigation.

A current prosecutor A said, "The Prime Minister suddenly mentioned direct prosecution investigations because public opinion worsened, but what can be done without investigative authority?" and added, "The scope in which the prosecution can directly investigate during the investigation process is extremely limited."

Another prosecution official B said, "Even though the announced measures yesterday used provocative expressions like 'detain all,' if you look at the details, it only applies to serious offenses such as 'using official secrets for personal gain' or 'leaking development information,' limited to public officials." He added, "They say they will find response measures by referring to past cases like the 2nd New Town case, but at that time, a joint investigation headquarters was established at the Supreme Prosecutors' Office, and the prosecution led and directed the police, so the situation is completely different from now."

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