Opinion Submitted to Prosecution Requesting Release of Asset Preservation Order
About 50 Billion Won in Assets, Including Gangnam Building, Frozen
Forfeiture Amount Maintained as Prosecution Drops Appeal
Nam Wook, a private developer identified as a key figure in the Daejang-dong urban development project preferential treatment scandal and who has been under investigation and trial, has requested that the prosecution lift the freeze imposed on his assets, which amount to several tens of billions of won.
Nam Wook, a lawyer indicted on allegations of corruption in the Daejang-dong development case, is attending the first trial sentencing hearing held on the 31st at the Seoul Central District Court in Seocho-gu, Seoul. Photo by Yonhap News
According to legal sources on November 15, Nam's legal team submitted an opinion to the third criminal trial division of the Seoul Central District Prosecutors' Office (headed by Chief Prosecutor Yoon Wonil), stating that they would consider filing a state compensation claim if the prosecution does not lift the asset preservation order.
Asset preservation is a procedure that freezes assets suspected of being derived from criminal activity, preventing the defendant from disposing of them at will until a final court ruling is made.
Previously, during the investigation of the Daejang-dong case, the prosecution froze assets worth approximately 207 billion won belonging to private developers involved in the case, including Nam Wook. At that time, it was reported that about 50 billion won in assets were frozen under Nam's name, including a building in Gangnam-gu, Seoul, which he allegedly purchased for 17.3 billion won under a borrowed name. However, since the first trial did not impose a forfeiture order on Nam, he appears to have submitted an opinion requesting the release of the frozen assets.
In the first trial, the prosecution sought a total forfeiture of 781.4 billion won, including 101.1 billion won from Nam Wook. However, the court imposed forfeiture orders totaling about 47.3 billion won, including 42.8 billion won from Kim Manbae, and did not impose any forfeiture on Nam or others. As the prosecution decided not to appeal, the principle of "prohibition of unfavorable changes" under the Criminal Procedure Act prevents higher courts from increasing the forfeiture amount beyond the first trial's decision in the second and third trials.
It is expected that not only Nam Wook, but also other private developers involved in the Daejang-dong project, will request the release of their frozen assets in the future. The Daejang-dong development project was designed and led by Nam Wook and accountant Jung Younghak. When Nam was detained during the project, journalist-turned-businessman Kim Manbae, who was recruited for lobbying government officials, was brought to the forefront. The first trial court found that these individuals colluded with Yoo Donggyu, former head of the Seongnam Urban Development Corporation, to commit illegal acts.
Nam Wook recommended lawyer Jung Minyong, a college junior, to Yoo Donggyu, enabling him to join Seongnam Urban Development Corporation as a team leader and become an "insider." The strategic business team to which he belonged played a crucial role in drafting the public offering guidelines and structuring the project in a way that favored their group.
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