Former Official Arrested on Suspicion of Speculation for Buying Land After Prior Knowledge of 'Road Construction' Information

Gwangju police are reviewing documents ahead of a search and seizure at the Seo-gu Office in Gwangju Metropolitan City on the afternoon of April 8 in connection with allegations of real estate speculation.

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] A former district office official of Gwangju Metropolitan City, suspected of real estate speculation, has been arrested.

The Anti-Corruption Economic Crime Investigation Unit of the Gwangju Metropolitan Police Agency announced on the 21st that former Gwangsan District Office official A was arrested on charges of real estate speculation under the Anti-Corruption and Civil Rights Commission Act.

A is suspected of purchasing land using insider information that a road was planned to be constructed.

The land purchase price at the time was about 580 million won, and compensation of 39 million won was received including the road, and the current market value of the remaining land is known to be about 1.35 billion won.

The police took measures to prevent A from disposing of the land before a final judgment was made.

Meanwhile, on the 8th of last month, the police conducted searches and seizures at Gwangju City Hall, Seo District Office, and Gwangsan District Office in relation to A.

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