Prosecutors Summon Jo Woo-hyung for Investigation on Suspected Real Ownership of 'Cheonhwa-dongin No. 6'

Jo Woo-hyung, suspected to be the actual owner of Cheonhwa-dongin No. 6, an affiliate of Hwacheon Daeyu Asset Management, the private developer of the Daejang-dong project, has been summoned and is under investigation by the prosecution.

Prosecutors [Photo by Yonhap News]

According to the legal community on the 27th, the Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baek-shin) summoned Jo as a suspect for questioning on the same day. Earlier, the prosecution also summoned lawyer Jo Hyun-sung, who is the nominal representative of the company on documents, for investigation two days prior.

Upon arriving at the prosecution office, Jo did not answer reporters' questions and only said, "I will sincerely cooperate with the prosecution's investigation." The prosecution is investigating Jo and lawyer Jo on charges of violating the Conflict of Interest Prevention Act, breach of trust under the Act on the Aggravated Punishment of Specific Crimes, and violation of the Act on the Regulation of Concealment of Criminal Proceeds. They are considered accomplices who, along with private developers including Kim Man-bae, exploited internal secrets of Seongnam City during the Daejang-dong development project to illegally gain approximately 788.6 billion won and caused significant losses to the Seongnam Urban Development Corporation. Cheonhwa-dongin No. 6, managed by them, received dividends amounting to 28.2 billion won through the Daejang-dong development project.

Jo was previously investigated by the prosecution on suspicion of illegal mediation when private developers borrowed 111.5 billion won in project funds from Busan Savings Bank in 2009, during the early stages of the Daejang-dong project, but was cleared of charges. At that time, Jo's lawyer was former special prosecutor Park Young-soo.

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