Former LH Vice President Arrested on 'Speculation Allegations'... "Concern Over Evidence Tampering"

A, former vice president of Korea Land and Housing Corporation (LH), who is suspected of speculation, is attending the pre-arrest detention hearing at the Suwon District Court Seongnam Branch in Seongnam, Gyeonggi Province on the morning of the 4th.
[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-joo] A former vice president of Korea Land and Housing Corporation (LH), Mr. A, who is suspected of speculation in a redevelopment area in Seongnam City, Gyeonggi Province, has been detained.

On the morning of the 4th, Chief Judge Choi Wook-jin of the Suwon District Court Seongnam Branch, who is in charge of warrants, conducted a pre-arrest interrogation (warrant substantive examination) for Mr. A and issued an arrest warrant, citing "concerns of evidence destruction and flight risk."

Mr. A reportedly purchased land and a four-story building in Jungang-dong, Seongnam City in 2017 and sold them in June last year. The land was included in Seongnam City's housing redevelopment maintenance project after Mr. A's purchase, raising suspicions that he may have speculated using internal information obtained during his tenure.

Mr. A is also accused of receiving money and valuables in exchange for lobbying LH employees related to the 3rd New Town development project.

Mr. A is currently the highest-ranking among former and current LH executives suspected of speculation.

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