A joint investigation team that has been looking into land speculation in a scandal involving the Korea Land and Housing Corporation(LH) has made 20 arrests and referred 529 individuals to the prosecution.

Prime Minister Kim Boo-kyum on Wednesday announced the interim results of the ongoing probe. Since its launch three months ago, the team has investigated 646 cases involving 28-hundred people.

The prime minister said that various public officials, including former chiefs of public agencies, local government heads, city councilors and working-level employees, were found to have allegedly used insider information to purchase land.

He said the allegations are very shameful and offered an apology to the Korean people.

Separately, prosecutors, through their own investigation, made 14 arrests while the National Tax Service also conducted a tax probe into some 450 people and uncovered 94 cases of tax evasion.

The Financial Services Commission and the Financial Supervisory Service have also carried out on-site inspections at four financial companies suspected of extending illegal loans and requested investigations into 43 cases involving 67 individuals so far.