Former LH Vice President Under Police Investigation for 'Speculation Allegations'... Search and Seizure at Seongnam City Hall and LH Headquarters
Highest-ranking current and former officials under investigation
[Asia Economy Reporter Lee Gwan-joo] It has been confirmed that the police investigating real estate speculation allegations triggered by the Korea Land and Housing Corporation (LH) have detected speculation allegations against a former LH vice president and have launched a forced investigation.
A representative of the Government Joint Special Investigation Headquarters (Special Investigation Headquarters) stated on the 16th, "We are investigating on charges of violating the Anti-Corruption Act," adding, "We conducted a search and seizure and are currently analyzing related materials."
This case is currently being directly investigated by the Serious Crime Investigation Division of the National Police Agency's National Investigation Headquarters. Mr. A, who served as a former LH vice president, is the highest-ranking among the current and former LH employees suspected of speculation so far, and is known to have retired in 2016.
It is reported that Mr. A purchased land and buildings located in Jungang-dong, Seongnam-si, Gyeonggi Province in 2017, after his retirement, and resold them in June of last year. This site is also known to be included in the Seongnam City housing redevelopment maintenance project.
The police conducted search and seizures at seven locations, including the LH headquarters, Seongnam City Hall, and Mr. A's residence on the 13th, securing related materials. A Special Investigation Headquarters official said, "We received intelligence and felt the necessity for direct investigation (by the Serious Crime Investigation Division)," adding, "It is difficult to disclose specific details."
Hot Picks Today
Cerebras Soars 70% on IPO Debut: Is Nvidia's Reign Ending as a New AI Semiconductor Power Emerges?
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "Multi-Million Won Bonuses, Life Is Sweet"—Even Employee Reactions... SK hynix Overtakes Samsung to Claim No. 1 Spot
- "It Costs 100,000 Won for Two Hours"...No Place for Kids to Play if Parents Can't Afford It
- Japanese Teacher Dismissed for Obscene Acts Involving Third-Grade Girl's Water Bottle
Meanwhile, regarding the court's dismissal of the arrest warrant for Mr. B, a public official of Jung-gu Office in Incheon who is suspected of speculation, the Special Investigation Headquarters said, "Since this is a case where provisional seizure was also accepted, we believe there will be no difficulty in transferring the case."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
