Former Yanggu County Governor Arrested on Suspicion of Real Estate Speculation Using Non-Public Information

[Asia Economy Reporter Hyungsoo Park] A detention warrant has been issued for a former Yanggu County governor suspected of real estate speculation using undisclosed information. This is the first case of detention among current and former local government heads suspected of real estate speculation.

According to Gangwon Provincial Police Agency on the 13th, Chuncheon District Court issued a detention warrant for former Yanggu County governor Jeon Chang-beom. Jeon is suspected of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission.

Park Jinyoung, the chief judge in charge of warrants at Chuncheon District Court, explained the reason for issuance, stating, "There is substantial reason to suspect that the suspect committed the crime as alleged," and added, "There is concern that evidence may be destroyed, so the grounds and necessity for detention are recognized."

In July 2016, while serving as governor, Jeon purchased a 1,400㎡ plot of land for about 160 million won. The land is located within 100 to 200 meters in a straight line from the station area where the East-West High-Speed Railway between Chuncheon and Sokcho is to be built.

Jeon purchased the site through his younger sister, and it is known that the registration was later transferred to Jeon's wife's name. There are suspicions that he bought the land knowing in advance the internal information that the land would be developed.

The police also believe that Jeon purchased the land using undisclosed development project information and summoned him as a suspect for investigation on the 25th of last month. Earlier, the police conducted a search and seizure of Jeon's residence in early last month.

With the issuance of the detention warrant, the police plan to apply for a pre-indictment seizure order.

Pre-indictment seizure prevents the suspect from arbitrarily disposing of illegal profits subject to confiscation before a final judgment is made. If confiscation is not possible, the equivalent value will be collected.

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