Prosecutors Conduct Search and Seizure of Cheonhwadongin No.7 Owner in 'Daejangdong Profit Concealment' Case (Comprehensive)
The prosecution investigating corruption and preferential treatment allegations in the Daejang-dong development has intensified its investigation into 'Cheonhwa-dongin No. 7,' an affiliate of Hwacheon Daeyu Asset Management (Hwacheon Daeyu).
Photo by Jinhyung Kang, Seoul Central District Prosecutors' Office, Seocho-gu, Seoul, on the 16th.
View original imageThe Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baeksin) dispatched prosecutors and investigators on the 13th to secure materials from four to five locations, including the residence of Bae, a former journalist and the actual owner of Cheonhwa-dongin No. 7, and the Cheonhwa-dongin No. 7 office in Seocho-gu, Seoul.
The prosecution has registered Bae on suspicion of violating the Act on the Regulation and Punishment of Criminal Proceeds Concealment, as they believe he knowingly received approximately 12.1 billion KRW in profits from the Daejang-dong development as criminal proceeds.
Bae, a former journalist, is known to have maintained a long-term relationship with Kim Man-bae, the major shareholder of Hwacheon Daeyu. He is also known as the person who introduced Nam Wook and Jeong Young-hak to Kim. In 2019, Bae joined Money Today, where Kim was employed, and served as the head of the legal team succeeding Kim. Under the name of Cheonhwa-dongin No. 7, he invested about 10 million KRW in the Daejang-dong development and received dividends worth approximately 12.13 billion KRW in development profits.
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The prosecution is also examining allegations of 'false reporting' surrounding Bae. It is suspected that Bae and others falsely reported to the prosecution that in June 2014, ahead of the local elections, an illegal audio file related to the so-called 'sister-in-law curse' involving the brother of a competing candidate was distributed to support the re-election of Lee Jae-myung, then mayor of Seongnam and leader of the Democratic Party of Korea.
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