[Seocho-dong Legal Talk] Top Real Estate Accounting Expert Hidden Deeply... Will Jeong Yeonghak, 'Daejang-dong Designer,' Face the Photo Line?

Photo line at Seoul Central District Court. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Hyung-min] "I am not stimulated by simply following the path others have taken or by matters that are easily resolved."

Jung Young-hak, an accountant who is a 'suspect-witness' in the preferential treatment and lobbying allegations related to the Daejang-dong development in Seongnam City, said this in an interview with a domestic real estate specialized media outlet in January 2011. He cited "perfect work handling ability" and "creative problem-solving skills" as the qualities a good accountant should have. He said he likes "to review from multiple angles and plan the overall structure of a project." This gives insight into why he got involved in the Daejang-dong development project. It is highly likely that the shareholder dividend method and the project operator bidding method, which rejected the ordinary, also originated from his mind. Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, said, "Accountant Jung built a fortress."

Like the so-called 'Daejang-dong Four' who have appeared in the media, Jung's 'photo line debut' is also imminent. The Seoul Central District Prosecutors' Office's special investigation team for Daejang-dong is reportedly weighing the request for an arrest warrant for Jung. The prosecution views him as an 'accomplice in breach of trust' who caused damage to Seongnam City and others through the Daejang-dong project. This was also stated in the arrest warrants for Kim Man-bae and lawyer Nam Wook. For the prosecution, which should focus on investigating the 'upper echelons,' arresting Jung is inevitable. If he designed the entire project, he cannot be unaware of the ultimate person responsible. So far, the information Jung has provided is limited to the four people including former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu. The prosecution must demand more, and the public hopes so.

Since the related allegations surfaced, Jung has never appeared publicly even once. He provided 19 recordings to the prosecution and then disappeared. He resigned from the accounting firm he worked at at the end of September and cut off all contact with his acquaintances. Those close to him have also gone into hiding.

In legal circles, it is believed that he is hiding due to feeling threatened, while some speculate that the prosecution is isolating and protecting him to prevent contamination of his testimony. There are also suggestions of a possible 'plea bargaining' between the prosecution and Jung. It is said that in exchange for providing recordings and telling the truth, the prosecution agreed to apply lighter charges to Jung. The truth about this will likely be revealed soon when Jung appears.

Jung is said to be a 'top expert' in domestic real estate accounting. He first stepped into this field in 1991 and participated in major projects such as the Suyu-ri project at that time and the Yongsan Park Tower project in 2003. Later, he reportedly teamed up with lawyer Nam Wook and got involved in Daejang-dong as well.

Prosecutor General Kim Oh-soo referred to him as a "suspect-witness" during the National Assembly audit. Although a witness, it implies that the charges he committed should not be overlooked. It has been confirmed that Jung gave bribes to former Seongnam Urban Development Corporation Development Project Director Yoo Han-gi and cashed out at least 10 billion KRW in dividends from the Daejang-dong project through a 'paper company' created under his family's name. The prosecution will now delve deeper into this matter. Jung's future response is also becoming a point of interest. What stance he will take when he faces the public is awaited. Now, all eyes are likely to turn to Jung Young-hak.