Prosecutors Indict Pocheon City Official on Charges of Real Estate Speculation Worth 4 Billion Won

Mr. Park denies charges, stating "I did not know the exact location of the newly established station when purchasing the land"

[Asia Economy Reporter Ra Young-cheol] The prosecution investigating the 'real estate speculation allegations' triggered by employees of Korea Land and Housing Corporation (LH) has indicted a senior official of Pocheon City who was arrested on charges of speculating on real estate worth around 4 billion KRW using information obtained through his official duties.

The Criminal Division 6 of Uijeongbu District Prosecutors' Office (Chief Prosecutor Kim Seong-dong) announced on the 26th, "We have arrested and indicted Park Mo (52), a section chief at Pocheon City Hall, on the 23rd for violating the 'Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission.'"

Earlier, the prosecution extended Park's detention period on the 16th, and this indictment is the first case since the launch of the government's joint special investigation headquarters.

Park is accused of purchasing seven plots of land totaling 2,600㎡ near a planned subway station site in September last year, jointly owned with his spouse A, for 4 billion KRW using internal information obtained through his duties, and making a capital gain of about 10 billion KRW.

Park was responsible for establishing and announcing the railway line plan for Pocheon City from 2018 to 2019.

Park denies the charges, stating, "At the time of purchasing the land, I did not know the exact location of the new station, and the project plan had not been finalized. The approximate location of the new station had already been disclosed."

However, the prosecution expressed confidence in proving the charges, saying, "Through reanalysis of seized materials, we secured meeting documents related to the railway line selection and confirmed that Park personally explained the railway line and new station locations to external experts."

They also explained, "Although the Ministry of Economy and Finance effectively finalized the new station location after reviewing the project plan's appropriateness in November 2019, Pocheon City rejected citizens' information disclosure requests regarding the railway line and new station location four times."

Meanwhile, two Pocheon City officials who were investigated for falsifying audit reports were cleared of charges, and A was granted a suspension of indictment.

The land purchased by Park and his spouse was subject to seizure preservation measures during the police investigation stage and cannot be disposed of until the verdict is finalized.

If Park is found guilty, the land will be auctioned, and the remaining amount after deducting the 3.4 billion KRW mortgage will be forfeited to the national treasury.

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