Prosecutors Conduct Search and Seizure
at Group Subsidiaries' Offices
The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Yong-sik) announced on the 7th that it is conducting a search and seizure of subsidiaries of the Daebang Construction Group.
Daebang Construction is suspected of unfair support under the Fair Trade Act by reselling public land, won through "beoltte bidding," to its subsidiaries. "Beoltte bidding" refers to mobilizing multiple subsidiaries to secure public land with significant development profits, including market price gains.
Earlier, the Fair Trade Commission's investigation revealed that from November 2014 to March 2020, Daebang Construction resold six public land sites purchased through beoltte bidding to five subsidiaries, including Daebang Industrial Development.
Based on these investigation results, the Fair Trade Commission issued corrective orders and imposed a total fine of 20.56 billion KRW on Daebang Construction and its subsidiaries, then referred the case to the prosecution.
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