[Inside Chodong] 100 Billion Won and a Cup of Coffee

Namwook, a key figure in the Daejang-dong development lobbying and preferential treatment allegations who was staying in the United States, returned to Korea on the morning of the 18th through Incheon International Airport Terminal 2. He was arrested by prosecution investigators and is leaving the airport. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Bae Kyunghwan] At the Incheon Airport arrival hall, his expression showed no signs of tension as he was arrested and escorted in by prosecutors' investigators. If the fatigue from the long flight was not apparent, his first words, "Sorry," delivered with rhythm to the rushing press, almost gave the impression of a celebrity's comeback greeting.

Now, a week later, his composure overflows from his face and tone. Even after more than half a day of prosecution investigation, he said, "I got scolded by the prosecutors for saying one word. Just kidding," and even told the press, "I'll buy you all a cup of coffee later." To the gathered reporters, he smiled and said, "Let's go together until I get home. I'm heading to Gangnam Station." After finishing the morning investigation, he approached first, saying, "You know I can't say anything, right?"

Lawyer Nam Wook, who invested 87.21 million won and scooped up 100.7 billion won in dividends, has already become a legend in the real estate industry. A developer CEO who has known him for a long time said, "Considering that he was involved from the design stage and earned over 100 times the profit, those involved in land speculation during the LH scandal are like minnows."

Nam has been regarded as a key figure who designed and executed the 'Daejang-dong Project' for over ten years. However, because he was hiding in the United States, he was the only one among the so-called 'core four'?former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu, major shareholder Kim Man-bae of Hwacheon Daeyu, and accountant Jeong Young-hak, owner of Cheonhwa-dongin No. 5?to benefit from being excluded from the initial investigation.

Although he was arrested during the arrival process, transferred to the prosecution, and subjected to intense questioning, the prosecution failed to request an arrest warrant five hours before the 48-hour detention limit expired and released him. This was the moment when Yoo, the former director, and Kim were pointed out as the masterminds of the Daejang-dong development, and Nam's role shifted to a supporting one amid political disputes.

Nam appears to already know the outcome of this incident. In 2013, he delivered 352 million won to former director Yoo along with major shareholder Jeong Jae-chang of Wirye Asset Management and accountant Jeong. Unlike bribery charges, which have a 10-year statute of limitations, the bribery offering charge has a 7-year statute of limitations, so even if he confesses, he cannot be punished.

In 2015, he was indicted on charges of illegal lobbying of lawmakers to exclude LH (Korea Land and Housing Corporation) from the Daejang-dong development and even won acquittal. The recorded conversations featuring all the key figures of Daejang-dong have lost power due to failure to secure linked physical evidence.

Nam's composure also suggests the final outcome of this incident. Although the prosecution conducted a search and seizure amid criticism from the opposition and public opinion, it does not appear to be a determined effort to uncover the backers of the Daejang-dong development. The indictment against former director Yoo, who was at least brought to trial, has shrunk by half, with breach of trust charges dropped, and the reapplication for an arrest warrant for Kim, who was pointed out as the mastermind, is also cautious.

There is concern that the Daejang-dong investigation, which has shaken South Korea for over a month, will end as a 'real estate development corruption case' involving collusion between Yoo Dong-gyu and Kim Man-bae without advancing to the 'upper echelons.' If he, who had already bought a building worth hundreds of billions of won in Gangnam and sent his family to the United States before the incident broke out, quietly leaves the country after collecting dividends and additional profits, even reasonable people will have no choice but to criticize. Not only the swindlers who abused their status and the law under the guise of public development but also the designers and institutions that created unnecessary loopholes must all be held accountable. The public will not support the prosecution and politicians who do not hold them responsible.