No Illegal Speculation Using Insider Real Estate Information by Public Officials in Hamyang-gun Concluded

Investigation of Transaction Details for 1,402 Public Officials and Family Members in Five Areas Including Hamyang Gyosan District Urban Development and Cultural Welfare Urban Infrastructure District

Hamyang County Office building view

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Gyeongnam Hamyang-gun announced on the 29th that there were no suspected cases of illegal speculation using insider information following a full investigation into real estate speculation by public officials.

From April 23 to the 25th of this month, the county examined real estate transaction details of 1,402 individuals, including 278 public officials of grade 6 or higher and 1,124 family members, related to five project sites: Gyosan-gun Planned Facility Road Construction, Hamyang Gyosan District Urban Development, and Cultural Welfare Urban Infrastructure Districts.

The county first secured compensation assessment reports for land included in the target projects and reviewed land transaction details around the project planning stages. Using lists submitted with consent forms for personal information use from the relevant public officials, the investigation was conducted through the Standard Local Tax System and Real Estate Transaction Reporting Management System.

Regarding compensation land for Gyosan-gun Planned Facility Road Construction, ownership was confirmed for one case involving two public officials and one case involving a spouse.

However, since the designated road for urban planning facilities was established in 1978 and the project involved expanding the road width beyond the urban planning road line, and considering that the two acquisitions occurred before the initiation of the construction project, it was concluded that there was no connection to speculation using insider information.

In the case of Hamyang Gyosan District Urban Development and Cultural Welfare Urban Infrastructure District, there were three sales cases involving spouses and direct family members, but it was found that the land was acquired earlier than three years before the initial basic plan for the project was established.

A county official stated, “We conducted a thorough investigation to leave no further suspicions,” adding, “We will strive to ensure trusted administration so that no illegal or unfair cases occur, such as public officials acquiring real estate using information obtained through their duties, based on this investigation.”

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