Prosecutors Seek Arrest Warrant for Jo Woo-hyung on Suspicion of Being the Real Owner of Cheonhwa-dongin No.6

The prosecution has requested an arrest warrant for Jo Woo-hyung, who is suspected to be the actual owner of Cheonhwa-dongin No. 6, an affiliate of Hwacheon Daeyu Asset Management, a private developer involved in the Daejang-dong development project.

The Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baek-shin) filed the arrest warrant request against Jo on the 1st on charges including violation of 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.

According to the prosecution, Jo is accused of illegally profiting a total of 788.6 billion KRW along with private contractors by exploiting internal secrets of Seongnam City, such as the establishment of the Seopan-gyo Tunnel, during the Daejang-dong development project from March to April 2015, causing a loss of 489.5 billion KRW to the Seongnam Urban Development Corporation until January of this year.

Jo is also accused of hiding criminal proceeds by receiving 28.3 billion KRW in dividend profits into the Cheonhwa-dongin No. 6 account from March 2019 to March 2021, while being the actual owner of Cheonhwa-dongin No. 6 by registering lawyer Jo Hyun-sung as the nominal owner on documents.

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