Special Investigation Unit Conducts Search and Seizure on Lawmaker Kang Ki-yoon over Real Estate Speculation Allegations (Comprehensive)

Summons of Former Happiness Agency Chief
Search and Seizure at SH Headquarters and Yongin Cheoin-gu Office
Confirming Facts Regarding People's Solidarity Investigation Request

National Police Agency Criminal Investigation Headquarters building. [Photo by National Police Agency]

[Asia Economy Reporter Lee Gwan-ju] The government joint special investigation headquarters (Special Investigation Headquarters, SIH), which is investigating real estate speculation allegations, has been confirmed to have conducted a search and seizure related to speculation allegations against Kang Ki-yoon, a member of the People Power Party. A former head of the Administrative City Construction Agency (행복청장, Haengbokcheongjang), known as the highest-ranking former public official among those accused of speculation, is also being summoned for questioning.

An SIH official stated on the 23rd, "A search warrant was executed yesterday regarding speculation allegations involving a current member of the National Assembly," adding, "We cannot disclose detailed information such as the target and location of the search."

The current lawmaker mentioned by the SIH on that day was identified as Kang. The Gyeongnam Provincial Police Agency’s Special Investigation Unit for Real Estate Speculation Crimes announced that it executed a search warrant yesterday related to allegations of fraudulent real estate loans involving a specific company. Kang has been accused of inflating the number of persimmon trees and other figures on land he owned to receive an excessive compensation of about 60 million KRW, as well as speculation allegations involving land near Jinhae New Port through a family company.

Currently, five members of the National Assembly are known to be under investigation by the SIH for speculation allegations, including Kang Ki-yoon, Yang Hyang-ja and Seo Hyung-seok of the Democratic Party, Lee Ju-hwan of the People Power Party, and independent lawmaker Jeon Bong-min.

Additionally, the SIH summoned former Haengbokcheongjang A at around 10 a.m. at the Serious Crime Investigation Division office of the National Police Agency in Hannam-dong, Yongsan-gu, Seoul, to investigate speculation allegations. A is the highest-ranking (vice-minister level) among the current and former public officials under investigation.

During A’s tenure as Haengbokcheongjang in late April 2017, he purchased two plots of land totaling 2,455㎡ in Nulwang-ri, Yeongi-myeon, Sejong City, under his wife’s name. The official land price at that time was 107,000 KRW per square meter, which rose to 154,000 KRW three years later. After his retirement, at the end of November 2017, he acquired 622㎡ of land and a lightweight steel structure in Bongam-ri, Yeonseo-myeon, Sejong City. As the nearby Wachon and Budong-ri areas were designated as candidate sites for the Smart National Industrial Complex, speculation controversies arose over the use of insider information. The SIH conducted a search and seizure of Haengbokcheong and related offices on the 26th of last month, securing relevant materials and continuing witness investigations.

The police are accelerating forced investigations related to speculation allegations. The Anti-Corruption and Public Crime Investigation Unit of the Seoul Metropolitan Police Agency began a search and seizure at three locations, including the Seoul Housing and Communities Corporation (SH) headquarters and regional centers, from around 9:30 a.m. today. It is known that the police received intelligence that three current SH employees leaked internal information to local real estate parties and profited in return. Meanwhile, the Yongin Eastern Police Station in Gyeonggi Province is conducting search and seizure operations at six locations, including the Cheoin-gu Office and Wonsam-myeon Office in Yongin City, related to public official speculation allegations.

Meanwhile, regarding the recent request by the People’s Solidarity for Participatory Democracy to the SIH to investigate 29 individuals related to speculation allegations, fact verification is expected to take place. An SIH official said, "The relevant city and provincial police agencies will verify the details and then review whether to proceed with internal or external investigations."

This content was produced with the assistance of AI translation services.