Police Summon Family of LH Jeonbuk Headquarters Employee Over '3rd New Town Speculation'

The Anti-Corruption Crime Investigation Unit of the Jeonbuk Provincial Police Agency, investigating allegations of real estate speculation in new towns in the Seoul metropolitan area, conducted a search and seizure at the Jeonbuk headquarters office of the Korea Land and Housing Corporation (LH) on the 22nd of last month, moving boxes containing seized items.
[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] The Jeonbuk Provincial Police Agency, investigating real estate speculation allegations, is continuing its investigation related to an employee of Korea Land and Housing Corporation (LH).

On the 6th, the Jeonbuk Provincial Police Agency's Real Estate Speculation Crime Investigation Team announced that they have summoned Mr. A, a family member of Mr. Han, an official at LH Jeonbuk Headquarters, for questioning on charges of violating the Farmland Act.

Mr. Han, Mr. A, and three other family members, totaling five, are suspected of purchasing land in Noonsadong, Gwangmyeong New Town using insider information. The police are examining allegations that Mr. Han and his family used insider information.

Since last month, the Jeonbuk Provincial Police Agency has uncovered and is investigating six cases of improper use of insider real estate information by LH employees and other public institution executives. The day before, the police applied for an arrest warrant for Mr. B, an LH Jeonbuk Headquarters employee suspected of real estate speculation in a planned residential development area.

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