Prosecutors Conduct Search and Seizure of Cheonhwadongin 7ho 'Real Owner'

The prosecution investigating corruption and preferential treatment allegations in the Daejang-dong development project has conducted a search and seizure of Bae Mo, the owner of 'Cheonhwa-dongin No. 7,' one of the affiliates of Hwacheon Daeyu Asset Management (Hwacheon Daeyu).

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

The Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baeksin) has been conducting a search and seizure of former journalist Bae's office since the morning of the 13th on suspicion of violating the Act on the Regulation of Concealment of Criminal Proceeds.

Bae worked as a junior reporter at the same media company as Kim Man-bae, the major shareholder of Hwacheon Daeyu. Around 2011, he is known to have introduced Kim to lawyer Nam Wook, the owner of 'Cheonhwa-dongin No. 4,' and accountant Jeong Young-hak, the owner of 'Cheonhwa-dongin No. 5.' He also invested 10.46 million won in the Daejang-dong urban development project and received dividends of 12.1 billion won.

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