Special Investigation Unit Investigates 3,500 People for 'Real Estate Speculation Suspicions'... Parliamentary Investigation Stalled

Pre-Indictment Seizure and Forfeiture Preservation Worth 76 Billion KRW

[Asia Economy Reporter Lee Gwan-joo] The government joint special investigation headquarters (Special Investigation Headquarters, SIH), which is investigating real estate speculation allegations, is conducting an all-out investigation as it marks four months since its launch, but investigations into high-ranking officials such as members of the National Assembly remain at a standstill.

According to the SIH on the 6th, as of that day, there are a total of 792 cases and 3,565 people under preliminary investigation or investigation. Among them, 1,073 people have been referred to the prosecution, and 399 people have been closed without indictment or prosecution. The SIH has taken pre-indictment seizure and confiscation preservation measures worth about 74 billion KRW in 30 cases to recover speculative profits. In particular, the investigation targets are continuously expanding, including detecting suspicions that LH employees, their relatives, and acquaintances established separate corporations for speculation.

A total of 118 high-ranking officials are under investigation by the SIH. By occupation, there are 23 members of the National Assembly, 66 local council members, 15 heads of local governments, 12 senior public officials of grade 3 or higher, and 2 executives of public institutions. There are still question marks over investigations into high-ranking officials. Among the members of the National Assembly suspected, only one, Jeong Chan-min of the People Power Party, has been summoned for questioning. The police applied for an arrest warrant for Jeong on the 1st of last month, but due to the prosecution's request for supplementary investigation, reinforcement work has been ongoing for a month without progress.

Regarding Kim Kyung-hyup of the Democratic Party, who is accused of failing to report land purchases, the summons schedule is still being coordinated. Although Kim was expected to be summoned since mid-last month, the schedule has not been set due to reasons such as his schedule in the United States. Regarding Kang Ki-yoon of the People Power Party, who was subject to the first forced investigation such as a search and seizure related to real estate speculation allegations, an additional search and seizure was conducted at Changwon City Hall in Gyeongnam at the end of last month, but whether he will be summoned remains unknown.

The investigation into Kim Sang-jo, former Chief Presidential Secretary for Policy, who is suspected of raising the jeonse deposit of his apartment in Cheongdam-dong, Seoul, by 14% two days before the enforcement of the ‘Lease Protection Act’ which limits the increase in jeonse deposits to 5%, is also at a standstill. Although witness investigations have been completed, Kim himself has not been summoned for questioning. A SIH official said, "The investigation is ongoing and is planned to be completed soon," adding, "We are making efforts to proceed swiftly."

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