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Kang Mo, who was in charge of land compensation work at Korea Land and Housing Corporation (LH) and was intensively purchasing land in Gwangmyeong 3rd New Town, has been charged with violating the Anti-Corruption Act and the Farmland Act. On the morning of the 8th, he appeared at the pre-arrest suspect interrogation (warrant review) held at the Ansan Branch of Suwon District Court in Ansan-si, Gyeonggi-do.
[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-joo] The key figure at the center of real estate speculation allegations triggered by Korea Land and Housing Corporation (LH), known as "Gang Sajang," has been detained.

On the 8th, Judge Kang Soo-jung of the Ansan Branch of Suwon District Court, responsible for warrant hearings, held a pre-arrest detention hearing for two LH employees, Kang Mo (57), known as "Gang Sajang," and Jang Mo (43), who are accused of violating the Act on the Prevention of Corruption and the Establishment and Operation of the Anti-Corruption and Civil Rights Commission (Anti-Corruption Act) and the Farmland Act, and issued arrest warrants. Judge Kang explained the reason for detention, stating, "There is concern about evidence destruction and the possibility of flight."

Kang, who served as an executive in charge of land compensation work at LH, is suspected of jointly purchasing 5,025㎡ of land in Gwarim-dong, Siheung-si, Gyeonggi Province, on February 27 last year, using insider information along with other current and former LH employees, for 2.25 billion KRW.

In July of the same year, they divided the land into four parcels measuring 1,163㎡, 1,167㎡, 1,288㎡, and 1,407㎡ respectively. Suspicions were raised that this was to increase the land-for-land compensation (compensation in land instead of cash) given when land over 1,000㎡ is expropriated. Additionally, Kang planted willow trees measuring 180?190 cm in length per square meter on the purchased field. This rare species of tree is usually planted one per 3.3㎡ (1 pyeong). This led to suspicions that Kang, who was well aware of the compensation payment criteria, intended to secure a larger compensation amount.

It is reported that Kang received information from Jang that the area was included in a planned development zone. After hearing about the urban planning development information for Gwangmyeong and Siheung in Gyeonggi Province from Jang, Kang sent a message to Jang saying, "It's a done deal," and it is known that they purchased the land together a week later. The current market price of the land has risen to 3.8 billion KRW.

With the detention of Kang and others, investigations into current and former LH employees related to the 3rd New Town project are expected to accelerate. It is known that more than ten people connected to Kang have been booked for investigation.

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