DP Lawmakers Call for Investigation into Alleged Preferential Real Estate Dealings Involving Jang Dong-hyuk

Democratic Party members of the first half of the National Assembly's Land, Infrastructure and Transport Committee have called for an investigation into allegations of preferential real estate dealings and conflicts of interest involving People Power Party leader Jang Dong-hyuk.
Democratic Party lawmakers including Jung Joon-ho, Bok Ki-wang, Moon Jin-seok, Yoon Jong-kun, Son Myung-soo, and Ahn Tae-joon held a press conference at the National Assembly Communication Hall today (June 18), stating that investigative authorities must conduct an impartial investigation into the alleged collusion and preferential treatment between the party leader and a real estate development firm.
Citing recent media reports, they raised suspicions that when Jang was at risk of losing the 1 billion won he had invested in the real estate project, he demanded a refund and was the only one among about 10 investors to receive land in Hwagok-ri, Seosan, South Chungcheong Province, through a land-swap arrangement.
They further argued that while Jang claims he is a victim of a 600 million won fraud by the real estate firm, there are suspicions that after retiring as a judge, he provided legal advice during the establishment of a new entity and the transfer of assets, which are suspected to have been created by the firm to evade seizure.
They also cited media reports alleging that Jang personally defended four key sales agents of the firm who were sued for damages by investors and introduced a former judge-turned-lawyer to the representative of the new entity, claiming that Jang may be more than just a victim and could be closely intertwined with the company.
The lawmakers pointed out that although Jang explained after the real estate controversy arose that he had "terminated the contract and has no further connection to it," reports have emerged that he sent a text message to the representative of the firm developing the land in Hwagok-ri, Seosan, as recently as last month to inquire about the possibility of a sale.
They also raised suspicions of a violation of the Conflict of Interest Prevention Act.
They claimed that while Jang was serving on the budget subcommittee of the National Assembly's Special Committee on Budget and Accounts, he requested a 52.8 billion won budget increase for a highway project with a planned terminus located approximately 2 kilometers away from the land where he received the land-swap stake, and that 8 billion won in funding, which was not in the original government proposal, was eventually reflected.
The lawmakers demanded, "Jang must clarify the allegations of collusion and preferential treatment with the real estate group before the public and submit to a police investigation," adding, "The police and prosecution must immediately launch a thorough investigation into the preferential land-swap deal, the alleged collusion in the real estate fraud, and potential conflicts of interest in the highway budget increase process."
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.