Prosecutors Summon Ananti Former CFO Over Samsung Life and Real Estate Transaction Corruption

The Seoul Central District Prosecutors' Office Fair Trade Investigation Division (Chief Prosecutor Lee Jeong-seop), which is investigating allegations of real estate transaction corruption between the resort condo operator Ananti and Samsung Life Insurance, summoned former Ananti Chief Financial Officer (CFO) Lee Mo on the 16th for questioning as a suspect.

[Image source=Yonhap News]

Lee is known to be the younger brother of Ananti CEO Lee Man-gyu and served as an executive at Ananti in 2009, when the illicit real estate transactions between Samsung Life Insurance and Ananti took place, handling management and accounting duties.

The prosecution launched the investigation following a report from the Financial Supervisory Service and suspects that kickbacks were exchanged during the real estate transactions between Ananti and Samsung Life Insurance.

In April 2009, Ananti purchased real estate in Songpa-gu, Seoul, for a total purchase price of 50 billion KRW. Before making the final payment, in June of the same year, Ananti signed a contract to resell the property, which was planned to be developed into a 17-story above ground and 7-story underground building, to Samsung Life Insurance under a completion condition. Through this, Ananti recorded sales of approximately 97 billion KRW, nearly double the purchase price.

The prosecution believes that former Samsung Life Insurance executives purchased the real estate at prices higher than market value, causing the company hundreds of billions of won in losses, while Ananti allegedly embezzled company funds in return and handed kickbacks to Samsung Life Insurance officials.

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