Over 2,500 People Under Special Investigation for 'Speculation Allegations'... 65 Billion KRW Seized and Frozen

Internal Investigation Launched into LH Purchased Rental Housing Corruption

[Asia Economy Reporter Lee Gwan-ju] The government joint special investigation headquarters (Special Investigation Headquarters) has expanded its internal and external investigations to over 2,500 people in connection with real estate speculation allegations triggered by Korea Land and Housing Corporation (LH).

According to the Special Investigation Headquarters on the 24th, as of today, 614 cases and 2,516 people related to allegations of speculation using insider information and planned real estate are under internal and external investigation. Among them, 16 people have been arrested and 342 have been referred to prosecution.

By type, 300 cases and 1,331 people related to speculation using insider information are under investigation, with 137 people referred to prosecution. Planned real estate cases involve 314 cases and 1,185 people under investigation, with 205 people referred to prosecution. Additionally, pre-indictment seizure and confiscation orders to recover illegal profits have been approved by the court for 23 cases amounting to approximately 65.1 billion KRW as of today.

At 11 a.m. today, a pre-arrest detention hearing (warrant review) is scheduled for former Korea Expressway Corporation employee A, against whom an arrest warrant has been requested. A is suspected of using insider information to purchase land near the Saemangeum-Jeonju highway construction site in 2016 under the names of his wife and acquaintances. A pre-indictment seizure order amounting to approximately 270 million KRW has been approved against A.

Previously, arrest warrants requested for the chairman of the Dalseong County Council in Daegu and a council member of Asan City in Chungnam, both accused of speculation using insider information, were dismissed by the court. A Special Investigation Headquarters official stated, "The reason for dismissal is that evidence has already been secured and there is no risk of flight or evidence destruction, so we believe there will be no difficulty in proving the charges and proceeding to indictment."

Furthermore, the Special Investigation Headquarters has also begun internal investigations into corruption allegations related to the rental housing purchase business that surfaced at LH’s Incheon headquarters and Gyeongnam headquarters.

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