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Huge mess in Daejang-dong

Posted October. 07, 2021 07:28,   

Updated October. 07, 2021 07:28


It was reported that lawyer Nam Wook and accountant Chung Young-hak who led the Daejang-dong development project paid 12 billion won to an old business partner as he threatened to reveal that the two gave 300 million won in bribe to Yoo Dong-gyu, an acting president of Seongnam Development Corporation. Nam and Chung spent over 10 billion won to conceal their bribery. The list of people who were promised to receive five billion won from asset management firm Hwacheon Daeyu, a private developer in charge of the development project, has also been disclosed. Those involved pocketed hundreds of billions of won earned with bribery and preferential treatment. It is such a huge mess.

The initial bribe of 300 million won was given in 2013 with regards to the Wirye development project, not the Daejang-dong project. Nam and others paid 12 billion won to Chung Jae-chang, a former business partner of the Wirye project, as Chung had a picture of bribe cash seven years ago. It is doubtful if they paid a massive amount of 12 billion won just to cover up the bribery of 300 million won. Chung who received 12 billion won was a co-president of Pangyo AMC, which was founded to participate in the Daejang-dong project in 2019 along with accountant Chung. He must have known well about the business structure of the Daejang-dong project. It may be the case that he knew about other bribes offered by accountant Chung to Yoo with regards to the Daejang-dong project or other unexposed corruptions.

Twelve billion won offered by Nam and others as hush money is part of the unearned income from Yoo’s preferential treatment. They bought private lands at low prices in the name of a public project, which was won with bribery, and sold them at a 10-times higher price to earn over 700 billion won. As it was easily earned with illegal means, they were able to spend like it was nothing. The prosecution believes that Nam and others promised to pay 70 billion won to Yoo in return for preferential treatment. When discussing the distribution of money later, Yoo slapped account Chung across the face. The case involves bribery, threats, malpractice, and violence.

Rep. Park Soo-young of the People Power Party revealed on Wednesday a list of six people who were promised to receive five billion won based on a recorded tape of accountant Chung. The list includes Kwak Sang-do whose son received five billion won in severance pay, former special prosecutor Park Yeong-soo, an in-law of a distribution agent who received 10 billion won from Kim Man-bae who is a large shareholder of Hwacheon Daeyu, former Supreme Court justice and an advisor for Hwacheon Daeyu Kwon Soon-il, former public prosecutor general Kim Soo-nam, former chief of the Incheon District Prosecutor's Office Choi Jae-kyung, and Mr. Hong. They deny the list but a thorough investigation is required to find truths.

Chung is still in a lawsuit to earn three more billion won. A key public figure received a bribe and provided an astronomical amount of illicit profits to the private sector, and those involved in it are fighting to pocket more money. This huge mess is full of false explanations and evasion of responsibility. The prosecution and the police should find out every illegal act regarding the Daejang-dong project and confiscate and collect in addition every penny of illicit money.