2700 People Including 'Real Estate Speculation' Under Special Investigation Unit... 13 Members of the National Assembly

20 Detained for Using Insider Information
Suspicion of Speculation in Seongnam Redevelopment District
Search and Seizure at LH Gyeonggi Headquarters and Others

[Asia Economy Reporter Lee Gwan-joo] The government joint special investigation headquarters (Special Investigation Headquarters) has expanded its investigation targets to over 2,700 people regarding real estate speculation allegations triggered by the Korea Land and Housing Corporation (LH). The investigation is also expanding to include violations of the Farmland Act and planned real estate speculation.

According to the Special Investigation Headquarters on the 31st, investigations are underway into a total of 646 cases involving 2,796 people, including 315 cases and 1,453 people related to speculation using insider information, and 331 cases and 1,343 people related to planned real estate and other illegal real estate activities. Among them, the Special Investigation Headquarters has requested arrest warrants for 43 people and detained 20. For 17 people, the court dismissed the warrants, and for 10 others, arrest warrants have been requested, with the prosecution either having filed them or ordered supplementary investigations.

Nam Gu-jun, head of the National Investigation Headquarters of the National Police Agency, stated, "Regarding the reasons for the court's dismissal of the arrest warrants, most acknowledge the seriousness of the criminal charges, but the dismissal was based on the judgment that sufficient evidence has been secured, and there is no risk of evidence destruction or flight." He emphasized, "There is no change in the principle of conducting detention investigations, considering speculation using insider information by public officials as a serious crime."

Among the investigation targets by public official status are 8 former and current high-ranking officials, 86 national public officials, 14 local government heads, 176 local public officials, 13 members of the National Assembly, 55 local council members, and 77 LH employees.

The increase in investigation targets such as members of the National Assembly and high-ranking officials reflects recent complaints and investigation requests filed by the People Power Party. The People Power Party's Real Estate Speculation Investigation Task Force recently submitted 34 complaints and investigation requests involving 85 people to the National Investigation Headquarters of the National Police Agency. Among these, 24 cases were already under investigation by the police, and investigations have commenced on the newly added 10 cases.

Additionally, the Special Investigation Headquarters has completed supplementary investigations and re-applied for an arrest warrant for LH employee Kang Mo-si, known as the so-called "Gang Sajang," who is considered a key figure in the 3rd New Town speculation allegations. Furthermore, in relation to speculation allegations raised in the Sujin and Sinheung redevelopment districts in Seongnam City, Gyeonggi Province, a search and seizure operation was conducted this morning at the LH Gyeonggi Regional Headquarters and Seongnam City Hall. This search and seizure was reportedly carried out to investigate allegations that nine current and one former LH employees purchased houses using insider information.

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