Changwon City Confirms 11 Public Officials Suspected of Real Estate Speculation... 3 Referred for Investigation

Investigation Requested for 3 Public Officials, Disciplinary Actions for 8

Hong Seunghwa, Auditor of Changwon City.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] As a result of a full investigation into real estate speculation allegations targeting public officials in Changwon-si, Gyeongnam, 11 public officials suspected of speculation using insider information were identified.

After confirming the ownership status of public officials and others on land included in 29 major development projects, a total of 56 transactions involving 40 individuals were confirmed: 37 cases of sales by 26 people, 3 cases of gifts by 3 people, 10 cases of inheritance by 7 people, and 6 cases of others by 4 people.

Within the period suspected of speculation using insider information, 18 cases involving 11 people (sales) were identified.

Accordingly, the parties were given an opportunity to explain, and based on the submitted explanations and supporting documents, a self-verification and analysis was conducted, followed by obtaining opinions from legal experts including advisory lawyers.

Three suspects (2 public officials, 1 family member) suspected of speculation were referred for investigation, and for the 8 whose statute of limitations has expired, disciplinary actions and personnel disadvantages will be imposed according to internal regulations.

The city plans to request judicial authorities to investigate whether the suspects used confidential information learned during work or used insider information through acquaintances or third parties for speculation, based on the results of this investigation.

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