Investigators raid Sejong agency in land speculation case
The LH logo / Korea Times file
A government probe team raided a state agency in Sejong and the home of one of its former chiefs Friday for an investigation into allegations that he made land deals for speculation while in office.
The former chief is the highest-level current or former public official to be subjected to a raid in a widening probe into property speculation nationwide.
The probe team said its police investigators searched the National Agency for Administrative City Construction (NAACC), Sejong City Hall, the home of the former NAACC chief and the Sejong office of the state housing developer, the Korea Land and Housing Corp. (LH).
The former official oversaw the construction of Sejong as an administrative city while heading the NAACC. The city is located 120 kilometers south of Seoul.
He has recently been suspected of property speculation following revelations that he purchased 2,455 square meters of land in the city in April 2017 while in office.
The land, which was bought in his wife's name, was appraised at 107,000 won (US$95) per square meter in January 2017. Three years later, its price rose 43 percent to 154,000 won.
Following retirement, the former official bought more land in a different part of the city, along with a steel-frame structure built there, in November 2017. The purchase has raised suspicions because there are plans to construct an industrial complex nearby.
The government probe team, which was formed earlier this month to investigate the massive land speculation scandal involving LH employees, has widened its probe to include dozens of other public workers.
The growing allegations have emerged as the biggest headache for the Moon Jae-in administration ahead of key elections next month, with public discontent running high over soaring home prices. (Yonhap)