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Seongnam City Developer to Consider Halting Daejang-dong Project Dividends

Written: 2021-10-14 12:10:48Updated: 2021-10-14 13:01:43

Seongnam City's urban developer will consider halting distribution of additional dividends to private investors in the controversial Daejang-dong project which is now at the center of corruption allegations.

The Seongnam Development Corporation said on Wednesday that it formed a task force of development, strategy and legal unit employees led by President Yoon Jeong-soo.

Soon the task force is expected to convene a meeting of shareholders or board of directors meeting at the project developer to discuss a possible suspension of dividends and asset freezes, as recommended by the Gyeonggi provincial government.

The city-run company will review all legal options as such a suspension would need to follow an indictment of either the developer's board member or Yoo Dong-gyu, the company's former acting president.

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