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DP Chief Indicted for Corruption in Baekhyeong-dong Project

Written: 2023-10-12 11:21:27Updated: 2023-10-12 11:37:15

DP Chief Indicted for Corruption in Baekhyeong-dong Project

Photo : YONHAP News

Prosecutors indicted main opposition Democratic Party(DP) leader Lee Jae-myung without pretrial detention for corruption in the Baekhyeon-dong development project.

The Seoul Central District Prosecutors' Office on Thursday charged Lee and former aide Jeong Jin-sang with breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

Lee is accused of colluding with Jeong for four years from April 2014 while serving as Seongnam city mayor to exclude the city developer from the apartment construction project as a favor to lobbyist Kim In-seop, who is suspected of helping the DP chief during his mayoral campaign.

Granting exclusivity in the project to a company run by a private investor, identified by the surname Jeong, and providing various favors allegedly helped the firm reap profits of 136 billion won, or around 101 million U.S. dollars, of which Kim is believed to have pocketed seven-point-seven billion won.

The Seongnam Development Corporation, on the other hand, purportedly suffered losses of 20 billion won.

The prosecution, meanwhile, plans to conduct supplementary investigations into allegations of third-party bribery surrounding Lee over Ssangbangwool Group's illegal remittances to North Korea.

The state agency merged the case with an ongoing trial over similar corruption allegations against the DP chief and his former aide regarding the Daejang-dong and Wirye development scandals.

Last month, a Seoul court dismissed the prosecution's request for a pretrial detention warrant for Lee.

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