Prosecutors Summon and Investigate Cho Hyun-sung, Documented Owner of 'Cheonhwa Dongin No. 6'

The prosecution, having wrapped up the main investigation into the Daejang-dong development corruption allegations, is now accelerating its probe into the accomplices involved with Cheonhwa Dongin.

Prosecution
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According to the legal community on the 25th, the Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baeksin) summoned attorney Cho Hyunseong, the nominal owner of Cheonhwa Dongin No. 6, an affiliate of Hwacheon Daeyu Asset Management, the developer of the Daejang-dong project, for questioning as a suspect.

Attorney Cho is accused of acting as the nominal owner on behalf of Cho Woohyeong, the actual owner of Cheonhwa Dongin No. 6, and hiding 28.2 billion KRW in dividends from the Daejang-dong development project under a false name, violating the Act on the Regulation of Concealment of Criminal Proceeds.

The prosecution is reportedly questioning attorney Cho about the circumstances that led to the name trust arrangement and how much of the 28.2 billion KRW in dividends flowed to either Mr. Cho or attorney Cho.

On the 6th, the prosecution intensified its investigation into Cheonhwa Dongin No. 6 by conducting searches at about ten locations, including the residences and offices of Mr. Cho and attorney Cho.

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