Prosecutors Conduct Search and Seizure at Hwacheon Daeyu Over 'Daejang-dong Allegations'

[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] The prosecution is conducting a search and seizure of the offices and residences of officials from Hwacheon Daeyu Asset Management (Hwacheon Daeyu), an asset management company suspected of preferential treatment in the Daejang-dong development project in Seongnam-si, Gyeonggi Province.

On the morning of the 29th, the special investigation team for the Daejang-dong development suspicion case at the Seoul Central District Prosecutors' Office (led by Deputy Chief Prosecutor Kim Taehoon) sent prosecutors and investigators to Hwacheon Daeyu and the company located in Cheongdam-dong, known to be owned by lawyer Nam Wook, the actual owner of Cheonhwa Dongin No. 4, to secure related materials.

The search and seizure targets reportedly include Kim Man-bae, the largest shareholder of Hwacheon Daeyu and a former economic newspaper legal affairs reporter, as well as the residence of Yoo Dong-gyu, former acting president of Seongnam Urban Development Corporation, who is known to have overseen the entire Daejang-dong development project and designed the dividend profit structure.

Under the direction of Kim Taehoon, the 4th Deputy Chief Prosecutor of the Seoul Central District Prosecutors' Office, a special investigation team consisting of 16 prosecutors and accounting analysis investigators from the Supreme Prosecutors' Office was formed, and a large number of related individuals were banned from leaving the country prior to the search and seizure.

The special investigation team for the Daejang-dong development suspicion case is composed under the leadership of Kim Taehoon, the 4th Deputy Chief Prosecutor of the Seoul Central District Prosecutors' Office, including all 8 prosecutors from the Economic Crime Criminal Division, 3 prosecutors from the Public Investigation Division 2, 1 prosecutor from the Anti-Corruption and Strong Crime Cooperation Division, 3 prosecutors dispatched from other prosecution offices, and accounting analysis investigators from the Supreme Prosecutors' Office.

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