Kim Man-bae and Nam Wook Arrested in 'Daejang-dong' Scandal... Jeong Min-yong's Warrant Rejected

Major shareholder of Hwacheon Daeyu, Kim Man-bae (left), and lawyer Nam Wook [Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), and lawyer Nam Wook, owner of Hwacheon Daeyu’s subsidiary Cheonhwa Dongin No. 4, have been detained. With the detention of two of the so-called 'Daejang-dong Trio,' the connection to former head Yoo, who has been identified as an accomplice, has become somewhat clearer, leading to an analysis that the investigation into the so-called 'upper echelon' will accelerate.

On the 4th, Seo Bomin, the judge in charge of warrants at the Seoul Central District Court, issued an arrest warrant for Kim, stating, "The criminal charges are substantiated and there is a concern of evidence destruction." The same court’s warrant judge Moon Seong-gwan also issued an arrest warrant for lawyer Nam for the same reasons. However, Judge Moon dismissed the prosecution’s request for an arrest warrant against lawyer Jeong Min-yong (former head of the Strategic Business Office at Seongnam Urban Development Corporation), stating, "There is no concern of flight or evidence destruction."

On the 1st, the dedicated investigation team at the Seoul Central District Prosecutors’ Office (led by Deputy Chief Prosecutor Kim Tae-hoon) additionally indicted former head Yoo Dong-gyu of Seongnam Urban Development Corporation, who was previously arrested and indicted on bribery charges under the Act on the Aggravated Punishment of Specific Crimes, on charges of breach of trust and bribery after the fact under the Act on the Aggravated Punishment of Specific Economic Crimes. They also applied accomplice charges and requested pre-trial detention warrants for Kim, lawyer Nam, and lawyer Jeong. The prosecution’s view is that these individuals conspired to manipulate Hwacheon Daeyu’s selection for the Daejang-dong public-private joint development project and funneled approximately 65.1 billion KRW in land development dividends and implementation profits to the private sector, causing losses to the corporation.

Meanwhile, on the 10th, the 22nd Criminal Division of the Seoul Central District Court (Presiding Judge Yang Cheol-han) will hold the first trial for former head Yoo on bribery and breach of trust charges under the Act on the Aggravated Punishment of Specific Crimes. Although the additional indictment case against former head Yoo (breach of trust charges) has also been assigned to the same court, since no first trial date has been set, the possibility of a consolidated hearing on that day may be discussed.

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