Court Orders Forfeiture and Preservation of Land Purchased by Former Gyeonggi Province Official in 'Yongin Land Speculation' Case (Update)

An executive public official in charge of corporate investment attraction at the Gyeonggi Provincial Government was suspected of speculation after purchasing land outside the planned development site adjacent to the Yongin Semiconductor Cluster under the name of a family company and then retiring. The photo shows land in Dokseong-ri, Wonsam-myeon, purchased in October 2018 by Company B, represented by the wife of Mr. A, who was the team leader responsible for corporate investment attraction in the Investment Promotion Division of the provincial government.
[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] The court has issued a seizure preservation order against former Gyeonggi Provincial Government official Mr. A, who is accused of purchasing land near the semiconductor cluster in Yongin under the name of a family company.

On the 5th, the Special Investigation Unit for Real Estate Speculation Crimes of the Southern Gyeonggi Police Agency announced that the Suwon District Court made this decision in relation to Mr. A's charges of violating the Anti-Corruption Act. Seizure preservation is a court order that prevents a suspect from arbitrarily disposing of illegal profits subject to confiscation before a final verdict is reached. Mr. Kim was subject to an arrest warrant application by the police on the 2nd.

In October 2018, while serving as the team leader of the Investment Promotion Division of Gyeonggi Province, Mr. A purchased four plots totaling approximately 1,500㎡ in Dokseong-ri, Wonsam-myeon, Cheoin-gu, Yongin City for 500 million KRW through company B, where his wife is the representative. It is known that the market price of this land rose to over 2.5 billion KRW after the semiconductor cluster development plans were made public.

The timing of company B's land purchase coincided with Gyeonggi Province's multiple visits to the Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy to propose the establishment of a semiconductor cluster centered around SK Hynix. Gyeonggi Province reported Mr. A on the 23rd of last month, believing that he used confidential information obtained during his tenure to gain unfair profits.

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