Prosecutors Request Arrest Warrant for Jo Woo-hyung, Suspected Real Owner of Cheonhwa Dongin No. 6 in ‘Daejang-dong Development’ Case

Raising 'Project Funds' Using Information Such as Seopangyo Tunnel Opening

The prosecution investigating the Daejang-dong development allegations has moved to secure the custody of Jo Woo-hyung, who is suspected to be the actual owner of Cheonhwa-dongin No. 6, an affiliate of the private business Hwacheon Daeyu Asset Management.

[Image source=Yonhap News]

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

According to the prosecution, Jo is accused of using official secrets, such as information on the opening of the Seopangyo Tunnel, during the Daejang-dong development project from March to April 2015 to raise initial project funds, and together with private contractors, illegally pocketing a total of 788.6 billion won in development profits until January of this year, causing 489.5 billion won in damages to the Seongnam Urban Development Corporation.

Additionally, Jo is also accused of hiding criminal proceeds by receiving 28.3 billion won 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 listing lawyer Jo Hyun-sung as the nominal owner on documents.

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