Prosecutors Search Jeong Ba-ul, CEO of Asia Developer, in 'Baekhyeon-dong Development Corruption' Case

The prosecution investigating the 'Baekhyeon-dong development corruption' allegations has conducted a search and seizure of Jeong Ba-ul, CEO of Asia Developer, a private business operator in Baekhyeon-dong.

Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. / Photo by Jinhyung Kang aymsdream@

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) dispatched prosecutors and investigators to more than 10 locations, including Jeong's residence and affiliated company offices, on the morning of the 17th to secure materials related to allegations such as embezzlement of project funds.

Jeong is suspected of receiving special favors when he purchased the Baekhyeon-dong site from the Korea Food Research Institute in 2015, during the Baekhyeon-dong development, and carried out an apartment development project. He reportedly hired former Housing Technology CEO Kim In-seop as a lobbyist to exert influence on Seongnam City, resulting in the land use zone being upgraded four levels from natural green space to quasi-residential area.

The Baekhyeon-dong development was a project to build apartments on the remaining land after the Korea Food Research Institute relocated to a provincial area under the government's public institution relocation plan during the tenure of Lee Jae-myung, leader of the Democratic Party of Korea, as mayor of Seongnam. Jeong is accused of giving Kim, the former CEO, 7.7 billion KRW in cash and approximately 500 million KRW worth of business rights as a bribe for facilitating permits and approvals.

Earlier, the prosecution arrested and indicted former CEO Kim on charges of bribery under the Act on the Aggravated Punishment of Specific Crimes. Kim's first trial in the first instance is scheduled for the 13th of next month.

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