Police Obtain Arrest Warrant for Korea Rural Community Corporation Employee Over Land Speculation in River Maintenance Area

[Asia Economy Reporter Jeong Dong-hoon] The police have applied for an arrest warrant for Mr. A, the deputy director of Korea Rural Community Corporation, who is suspected of engaging in real estate speculation using undisclosed information.

The Real Estate Speculation Investigation Team of the Gyeongbuk Provincial Police Agency announced on the 7th that after summoning and investigating Mr. A, who belongs to the Yeongcheon branch of the Rural Community Corporation and whose residence and office were searched on the 19th of last month, they applied for an arrest warrant on charges including violation of the Anti-Corruption Act. The pre-trial detention hearing for Mr. A, requested by the prosecution, is expected to be held on the afternoon of the 8th at the Daegu District Court.

It was investigated that Mr. A, who worked at the Yeongcheon branch of Korea Rural Community Corporation in 2017, purchased approximately 5,600 square meters of land near a river in Imgo-myeon, Yeongcheon, for about 520 million won. The Korea Rural Community Corporation conducted a river maintenance project from 2012 to 2018 under the commission of Yeongcheon City, and maintenance such as the installation of access roads was carried out centered around the land owned by Mr. A. Currently, the official land price per square meter of the land Mr. A purchased has increased by 1.5 times compared to 2017, the time of purchase.

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