Former Siheung City Council Member Arrested for Land Speculation in Planned Development Area
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[Asia Economy Reporter Jeong Dong-hoon] A former Siheung city council member was arrested on the 4th on charges of land speculation using prior information about a planned development site.
The Ansan branch of the Suwon District Court conducted a pre-arrest suspect interrogation (warrant review) for former Siheung city council member A, who is accused of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission, among other charges, and issued an arrest warrant stating, "There is a risk of evidence destruction and flight."
A was reported and investigated by the police for purchasing 130㎡ of forest land in Gwarim-dong, Siheung-si, Gyeonggi Province, within a new town development site, under his daughter's name in October 2018. Although a two-story building was later constructed on the land with a building permit, the area around the building had no facilities other than a junkyard, raising suspicions that he speculated based on prior knowledge of urban development information. As the police investigation continued, A resigned from his council position at the end of March.
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On the same day, arrest warrants for three others, including Anyang city council member B, a Gunpo city hall official at the director level C, and C's acquaintance, who face the same charges, were dismissed. Kim So-young, the warrant judge at the Anyang branch of the Suwon District Court, stated the reason for dismissal as, "Although the charges are serious, it is difficult to see a risk of evidence destruction or flight." B was reported for speculation after purchasing about 160㎡ of land, including a two-story building, in Seoksu-dong, Manan-gu, Anyang-si, in early July 2017. This land is so-called station area land located about 200 meters from Seoksu Station on the Wolgot-Pangyo Line, scheduled to open in 2025.
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