Jang Sung-min "Prosecutors' Office Must Investigate Lee Jae-myung's Daejang-dong Development Allegations"

[Asia Economy Reporter Naju-seok] Jang Sung-min, a presidential candidate from the People Power Party, on the 13th raised the possibility of illicit political fund creation related to Lee Jae-myung, the Democratic Party presidential candidate and Governor of Gyeonggi Province, urging the High-ranking Officials' Crime Investigation Unit (PCC) to investigate.

On the same day, Jang stated via social media (SNS), "Governor Lee is currently under suspicion of undermining the purpose of public recovery of land development profits," and claimed, "During Lee's tenure as mayor of Seongnam, a significant portion of the profits from the Daejang-dong development project in Bundang-gu, Seongnam, which was promoted under the slogan of 'recovering land development profits,' went to a company wholly owned by a specific individual."

He pointed out, "Hwacheon Daeyu Asset Management (Hwacheon Daeyu), a private developer participating in 'Seongnam Utddeul,' a special purpose corporation established in 2015 under Seongnam City for the Daejang-dong development, has received dividends ranging from 10 to 20 billion KRW annually over the past three years," adding that "Hwacheon Daeyu is a newly established company formed during the period when Seongnam Utddeul was soliciting private developers," and "the company's capital investment was 50 million KRW, and it borrowed several hundred billion KRW from financial institutions to fund its operations."

Jang emphasized, "The PCC must immediately begin investigating whether Governor Lee created illicit political funds under the guise of public interest recovery," and pointed out, "There is a very high suspicion of preferential treatment in this matter."

He further stated, "Considering that Governor Lee publicly declared his intention to recover land development profits, it is absolutely impossible for Hwacheon Daeyu's dividends from participation in Seongnam Utddeul to reach hundreds of billions of KRW without preferential treatment or illicit suspicions."

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