Prosecutors Raid Former Executive in Samsung Life-Ananti Unfair Real Estate Transaction Allegations
Ananti sells real estate to Samsung Life Insurance... Profit of about 90 billion KRW
The prosecution investigating allegations of real estate transaction corruption between the resort condo operator Ananti and Samsung Life Insurance has conducted a search and seizure at Samsung Life Insurance.
The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Jeong-seop) is conducting a search and seizure on the office of Mr. Lee, a former head of Samsung Life Insurance's real estate business division, and former executives including Mr. Hwang on the 28th.
Mr. Lee is known as the key figure who led the unfair real estate transactions between Ananti and Samsung Life Insurance, and Mr. Hwang was responsible for real estate investment projects at Samsung Life Insurance for about 15 years. He is a central figure in the 'real estate backdoor transaction allegations,' accused of causing Samsung Life Insurance hundreds of billions of won in damages through a broker-led real estate deal in Songpa-gu with Ananti in 2009, charged with breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.
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In April 2009, Ananti purchased land and buildings in Songpa-gu, Seoul, for a total purchase price of 50 billion won, and before making the final payment, in June of the same year, signed a contract to resell the property, planned to be developed into a 17-story above ground and 7-story underground building, to Samsung Life Insurance under a conditional completion agreement. Through this transaction, Ananti recorded sales of approximately 97 billion won, nearly double the real estate purchase price.
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