Police Investigate Siblings, Government Officials in Sejong City Prime Land Purchase for Land Speculation Charges

[Asia Economy Reporter Lee Jung-yoon] The police have launched a full-scale investigation after detecting signs of speculation on prime land near the planned development site in Sejong City by a pair of government official brothers working at the Administrative City Construction Agency (ACCA) and the Ministry of Land, Infrastructure and Transport (MOLIT).

On the 20th, the National Investigation Headquarters of the National Police Agency announced that they are investigating ACCA official A and his younger brother, MOLIT officer B, on suspicion of speculation using real estate development information.

ACCA is the government agency responsible for the construction of the new city in Sejong. It was confirmed that Officer B was in charge of urban regeneration at MOLIT when purchasing the farmland.

They reportedly purchased about 1,300 square meters of farmland in Botong-ri, Yeongi-myeon, Sejong City, together with their mother in July 2017 for 630 million won. The land bought by the brothers is said to have significantly increased in value compared to the purchase price (630 million won).

This land is near the planned Smart National Industrial Complex and is also on the route of a new Bus Rapid Transit (BRT) line passing through the expansion project connecting Sejong City and Jochiwon. This expansion project is led by ACCA.

A police official stated, "Unlike official A, who has already been booked, Officer B is not yet a suspect. If more evidence emerges, Officer B will also be summoned for investigation."

Meanwhile, the police are also investigating former ACCA chief Lee’s real estate speculation allegations and are considering the possibility of collusion between Lee and the brothers. It is reported that the methods and purchase processes of speculation by Lee and the brothers are similar. The police applied for an arrest warrant for Lee but are conducting supplementary investigations at the request of the prosecution.

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