‘Baekhyun-dong Development Favoritism Allegations’ 48 Billion Won Embezzlement and Breach of Trust, Private Contractor Jeong Ba-ul Arrested and Indicted
Embezzlement from 2013 to this year... Pocketed 200 million won in kickbacks from landscaping company
Jung Ba-ul, chairman of Asia Developer and a private contractor involved in the Baekhyeon-dong development project, who is accused of embezzling and breaching trust of approximately 48 billion KRW related to the 'Baekhyeon-dong development project preferential treatment suspicion,' has been indicted.
The prosecution has requested an arrest warrant for the fifth cousin of Justice Minister Cho Kuk, a key figure in the 'private equity fund suspicion,' and there are expectations that Professor Jung Kyung-shim, the minister's wife, will soon be summoned. The photo was taken on the 16th at the Seoul Central District Prosecutors' Office in Seocho-gu, Seoul. Photo by Kang Jin-hyung aymsdream@
View original imageThe Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) announced on the 27th that Jung was arrested and indicted on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.
Jung is accused of embezzling and breaching trust a total of 48 billion KRW from Seongnam R&D PFV, the project operator of Baekhyeon-dong, and companies he effectively owns, including Asia Developer and Younglim General Construction, from July 2013 to March of this year.
He is also charged with accepting a 200 million KRW bribe from the representative of a landscaping company in exchange for awarding service contracts (bribery related to breach of trust).
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Asia Developer holds a 46% stake in Seongnam R&D PFV, making it the largest shareholder. It was investigated that Seongnam R&D PFV earned approximately 300 billion KRW in sales profits from the Baekhyeon-dong project, while Asia Developer gained about 70 billion KRW in dividend profits.
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