[Asia Economy Reporter Jeong Dong-hoon] The police investigated the CEO of Hwacheon Daeyu, an asset management company suspected of preferential treatment in the Daejang-dong development project in Seongnam-si, Gyeonggi Province.
According to the police on the 20th, the Yongsan Police Station in Seoul recently summoned Lee Seong-moon, CEO of Hwacheon Daeyu, for an investigation related to funds.
The National Police Agency received an official document from the Financial Intelligence Unit (FIU) in April this year, reporting suspicious fund flows related to Hwacheon Daeyu, and then handed the case to the Yongsan Police Station to conduct a pre-investigation before formal indictment. It is known that the FIU notified that there were abnormal aspects in the 2019 financial transactions of Kim, a media figure and major shareholder of Hwacheon Daeyu, and CEO Lee.
The police are currently at the preliminary investigation stage and reportedly summoned CEO Lee once recently for questioning, stating that they cannot disclose specific details in the future.
Hwacheon Daeyu is a company that participated in the Daejang-dong public development project promoted by Gyeonggi Governor Lee Jae-myung, a leading presidential candidate of the Democratic Party of Korea, when he was the mayor of Seongnam. This company has received dividends amounting to 1,154 times its investment capital, raising suspicions of preferential treatment in political circles and elsewhere.
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