Gimhae City Conducts Full Investigation of Public Officials for 'Real Estate Speculation'... 1 Person Caught

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] On the 7th, Gimhae City in Gyeongnam announced that it conducted a full investigation into real estate speculation among public officials and identified one person suspected of speculation.

As the real estate speculation controversy sparked by the Korea Land and Housing Corporation (LH) spread, the city conducted a full investigation from March 15 targeting all senior officials at grade 5 or higher and three related departments (Urban Planning·Development, Apartment Division), including their families, totaling 1,391 people. Mayor Heo Seong-gon and Vice Mayor Kang Deok-chul of Gimhae were also included in the investigation.

Additionally, 165 people including current and former executives, employees, and their families of the Gimhae Urban Development Corporation, a local public enterprise under the city, were investigated.

The city obtained consent forms for the use of personal information from a total of 1,556 people and examined transactions within five years of the district designation date for five project districts: Jinrye Public Support Private Rental District and Heungdong Advanced Industrial Complex (LH), Seogimhae General Industrial Complex (Gyeongnam Development Corporation), Eobang Urban Development, and Jangyu Rear Residential Complex (Gimhae Urban Development Corporation).

Transaction details were confirmed for six people in total (five from the city and one from the Urban Development Corporation), and five of them were found to have no relation to speculation, mostly having inherited the property or traded it more than five years before the district designation.

The remaining one person was confirmed to have acquired 2,388㎡ of land jointly with an acquaintance under joint ownership two years before the designation of the Jinrye Public Support Private Rental District implemented by LH and received compensation in 2019.

A city official stated, "The public official under suspicion was working at a 'dong office (Community Service Center)' unrelated to real estate at the time of the transaction," and added, "The Gyeongnam Provincial Police Agency is currently conducting an investigation, so specific details cannot be disclosed."

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