Search and Seizure by Police at Security Office over 'Cheongwadae Security Staff Land Speculation Allegations' (Update)

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[Asia Economy Reporter Jeong Dong-hoon] The police investigating real estate speculation by employees of Korea Land and Housing Corporation (LH) have launched a forced investigation into Blue House security staff.

The Special Investigation Unit for Real Estate Speculation Crimes of the Gyeonggi Southern Provincial Police Agency conducted a search and seizure operation starting at around 3:10 PM at four locations: the Blue House Security Office, LH Jinju headquarters, the home of Security Office manager Mr. A, and the home of Mr. A's brother, who is a current LH employee. Eleven investigators were dispatched for the operation.

It was confirmed that Mr. A jointly purchased 1,888㎡ of land in Noonsadong, Gwangmyeong City, a 3rd phase new town area, in September 2017 together with his brother's spouse and other family members. There are suspicions that he speculated using insider information along with his brother, who is a current LH employee. Mr. A has been placed on standby pending further action.

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