Prosecution Seizes Approximately 12.1 Billion Won in Criminal Proceeds From Real Owner of Cheonhwadongin No. 7 in Daejang-dong Case

Real Estate, Bank Deposits, and Assets Held in the Names of Bae and His Family Frozen

The prosecution has frozen approximately 12.1 billion won in criminal proceeds obtained by Mr. Bae, a former journalist and the real owner of Cheonhwadongin No. 7, in connection with the Daejang-dong development corruption case.

Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. Photo by Yonhap News.

On June 5, the Seoul Central District Prosecutors' Office announced that it has seized for preservation the real estate, bank deposits, and other assets held in the names of Mr. Bae and his family, as well as assets under borrowed names, as part of charges against Mr. Bae for violating the Act on Regulation and Punishment of Concealment of Criminal Proceeds. Asset seizure for preservation is a measure that freezes income suspected to have been gained from a crime until a guilty verdict is confirmed.

The prosecution believes that Mr. Bae invested 10 million won in the Daejang-dong development project under the name Cheonhwadongin No. 7 and received approximately 12.13 billion won in dividends.

Previously, in 2023, when the prosecution indicted private operators in the Daejang-dong case for violating the Conflict of Interest Prevention Act, it also seized Mr. Bae's assets for preservation, stating that he was a "person other than the perpetrator who acquired corrupt assets while knowing the circumstances." However, Mr. Bae contested the prosecution's action, filing for the cancellation of the asset seizure with the court.

Subsequently, after additional investigation, the prosecution concluded that Mr. Bae participated in the Daejang-dong project based on his acquaintance with Mr. Kim Man-bae, who is also a former journalist, and knowingly profited from criminal proceeds. As a result, Mr. Bae was indicted without detention in March. The prosecution again requested asset seizure for preservation, citing evidence of Mr. Bae's involvement in the crime, and the court accepted the request.

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