[Asia Economy Reporter Kim Hyung-min] The prosecution investigating the 'Daejang-dong Development Project Corruption Allegations' has additionally indicted Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, and other members involved in the Daejang-dong case.
The Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baek-shin) on the 12th indicted five individuals without detention: Kim, former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu, former Corporation Strategic Business Director Jeong Min-yong, Nam Wook, owner of Cheonhwa-dongin No. 4, and Jeong Young-hak, owner of Cheonhwa-dongin No. 5, on charges of violating the Public Officials Conflict of Interest Prevention Act.
The prosecution believes that from August 2014 to March 2015, during the process of promoting the Daejang-dong development project, these individuals used internal secrets of Seongnam City and Seongnam Urban Development Corporation?such as the development project method, contents of the public offering guidelines, and plans for the Seopan-gyo Tunnel?to have the 'Seongnam's Garden Consortium' created by Kim and others selected as the private business operator. Through this, from March 2019 to the present, these individuals or third parties acquired approximately KRW 788.6 billion in total, including about KRW 405.4 billion in land sale profits under the names of Hwacheon Daeyu and Cheonhwa-dongin Nos. 1 to 7, about KRW 369 billion in apartment sale profits, and about KRW 14 billion in asset management commission fees.
Earlier, the prosecution requested 'pre-indictment seizure' to recover the criminal proceeds of these individuals. The court last month approved approximately KRW 444.6 billion as the amount for pre-indictment seizure (the amount to be confiscated upon future sentencing).
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