An employee of the Korea Land and Housing Corporation(LH) working in its North Jeolla Province headquarters was arrested on Thursday on charges of land speculation using insider information.  

The Jeonju District Court issued a warrant to arrest the employee on corruption and other charges, saying the police offered sufficient grounds for a criminal lawsuit and cited a risk that the suspect may destroy evidence.

It marks the first time that an incumbent official of the state-run company was arrested for land investment irregularities since local civic groups earlier this year accused some LH employees of committing such improprieties in recently-designated New Town sites in Gyeonggi Province. 

The arrested employee, whose identity has not been disclosed, allegedly bought land in a development site in Wanju County in North Jeolla Province under his wife’s name using classified information. 

A police official expected the arrest will boost proceedings related to the ongoing investigation.