Prosecutors Summon Daebang Construction CEO as Suspect in 'Swarm Bidding Allegations'
Daebang Construction CEO Koo Chanwoo Summoned as a Suspect
Prosecution Investigates Alleged Unfair Support for Affiliates
The prosecution investigating Daebang Construction's 'swarm bidding suspicion' has summoned CEO Koo Chan-woo.
The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Yong-sik) is questioning CEO Koo on the morning of the 18th as a suspect. The prosecution is investigating allegations that Daebang Construction unfairly supported its affiliates, such as Daebang Industrial Development, by reselling public land lots it won through bidding, following a complaint from the Fair Trade Commission last month.
On the 7th, the prosecution intensified the investigation by raiding the offices of Daebang Construction Group affiliates on suspicion of violating the Fair Trade Act.
Earlier, the Fair Trade Commission accused Daebang Construction of unfairly supporting its affiliates by reselling six public land lots from November 2014 to March 2020 to Daebang Industrial Development, owned by the daughter and daughter-in-law of the group head Koo Kyo-woon, and five subsidiaries, filing a complaint with the prosecution and imposing a total fine of 20.5 billion won.
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The public land lots resold by Daebang Construction were located in Seoul and metropolitan new towns and innovation cities such as Magok, Dongtan, Jeonnam Innovation, and Chungnam Naepo, known to be prime land with abundant development prospects.
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