Daejang-dong Corruption Case Concludes After 3 Years and 8 Months

On June 27, former Seongnam Urban Development Corporation Planning Director Yoo Dong-kyu made a statement during the final hearing of the Daejang-dong corruption case, saying, "I participated in crimes for the success of President Lee Jae-myung and will accept my punishment willingly." The Seoul Central District Court's Criminal Division 22, presided over by Judge Jo Hyung-woo, held the concluding hearing for Yoo and other private developers involved in the case, who were indicted on charges of breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. Yoo spoke for about four minutes, standing before the court with his hands clasped and head bowed.

He expressed, "After getting to know the politician Lee Jae-myung, I became involved in many crimes for his political success. I acknowledge my wrongdoing and will accept the punishment, but my actions were not for personal financial gain; they were for Lee Jae-myung's success." He paused, visibly emotional, as he mentioned Lee's political success.

Yoo continued, "Living for Lee Jae-myung led me to incur debts, and I tried hard not to cause him any trouble, even while in debt." He added, "I have a minor daughter to support, and I deeply regret my actions. I apologize to the judge and the public," bowing his head in remorse.

The private developers involved in the Daejang-dong project were indicted in October 2021 for undervaluing the land price from over 15 million won per pyeong to 14 million won, causing at least 651 billion won in damages to the corporation. After 3 years and 8 months since their indictment, the case is now in its final stages.

Kim Man-bae, the major shareholder of Hwacheon Daeyu, also delivered his final statement, saying, "My life has been destroyed to the point of struggling for basic living, but everything stems from my own actions and words. I believe I must bear the consequences." He expressed regret for exaggerating and making false statements to elevate his status, which led to misunderstandings and suffering for those around him.

He remarked, "Although the Daejang-dong project has been marred by various allegations of corruption, it was a successful project. Even with the drop in real estate prices increasing private developers' profits, the benefits gained by Seongnam City and the corporation were not insignificant, making it absurd to label this as breach of trust." He concluded by apologizing once more for the harm caused by his shortcomings and recklessness.

During the hearing, prosecutors sought a 12-year prison sentence for Kim and a 7-year sentence along with a fine of 1.74 billion won for Yoo. The court is expected to conclude the proceedings after hearing the final statements from the remaining defendants, Nam Wook, Jeong Young-hak, and Jeong Min-yong, on the 30th, with the sentencing date to be announced then.