Prosecutors Conduct Search and Seizure of Cheonhwadongin No. 6 Owner in 'Daejangdong Corruption' Case

The Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baeksin), which is investigating allegations of corruption in the Daejang-dong development project, is conducting a search and seizure of the residence and office of Jo Woohyeong, the actual owner of Cheonhwa Dongin No. 6, and attorney Cho Hyunseong, the nominal owner, on the 6th.

Prosecutor's Office [Image source=Yonhap News]

The prosecution has registered and is investigating them on charges of violating the Conflict of Interest Prevention Act, breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, and violation of the Act on the Regulation of Concealment of Criminal Proceeds.

Cheonhwa Dongin No. 6 is an affiliate of Hwacheon Daeyu Asset Management, the developer of the Daejang-dong project, and received a dividend of 28.2 billion KRW through the Daejang-dong development project.

The prosecution is reportedly conducting this search and seizure to determine whether the dividend flowed to Jo, the actual owner, or to attorney Cho Hyunseong, the nominal owner on paper.

Jo is suspected of illegally mediating when the initial private developers of the Daejang-dong project borrowed 111.5 billion KRW in project funds from Busan Savings Bank in 2009. He has previously been investigated by the prosecution for this case. Former special prosecutor Park Youngsoo, who is under investigation for the so-called '50 Billion Club' allegations, served as Jo's attorney at that time.

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