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'Key Suspects of Land Dev. Scandal Plotted from Early on to Maximize Profits'

Written: 2021-11-23 15:58:08Updated: 2021-11-23 18:52:23

'Key Suspects of Land Dev. Scandal Plotted from Early on to Maximize Profits'

Photo : YONHAP News

Key suspects of the Seongnam land development scandal are believed to have plotted together to maximize private businesses’ profits in the development project from the start. 

According to the official criminal charges read at an arraignment obtained by Yonhap News Tuesday, three main figures  - Chung Young-hak, Kim Man-bae and Nam Wook - plotted with lawyer Chung Min-yong to introduce clauses in the public offering that would maximize private companies’ profits over those of public firms.

Kim and Nam were also found to have worked to make the public offering plan look like it would mean great profit for the public sector. 

The development scheme allowed the asset firm Hwacheon Daeyu and its seven affiliates to rake in about 183 billion won in profits. 

The charges also specified four scenarios that Kim devised to give bribes to former acting president of Seongnam Development Corporation Yoo Dong-kyu. 

In the scenarios, Kim promised to give Yoo 70 billion won in bribes in return for various favors regarding the land development project.

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