A former member of the Incheon City Council, who is accused of making more than 3 billion won in profit from real estate speculation using undisclosed information, has been handed over to the prosecution.
The Incheon Police Agency's special investigation team for real estate speculation said that a 61-year-old former Incheon city councilor had been sent to the prosecution on charges of violating the Anti-Corruption Act.
In August 2017, Mr. A used undisclosed information that he learned while serving as the chairperson of the Construction and Transportation Committee of the Incheon City Council to purchase a 1,039 pyeong site in the Hando City Development Project District in Baekseok-dong, Seo-gu, Incheon. He is charged with taking profits.
Two weeks after the purchase by Mr. A, the site was approved for the implementation plan as a Hando City Development Project District.
It is known that Mr. A borrowed 1.68 billion won from the financial sector out of 1.96 billion won of land purchase costs at the time.
He received a commercial site with a market value of 4.95 billion won as a land compensation.
The police applied for a confiscation and preservation order before indictment to prevent the arbitrary disposal of the site in the Handeul district under Mr. A's name, and the court made a decision to cite it.
(Photo = Yonhap News)