'Hwacheondaeyu Major Shareholder' Kim Man-bae to Appear at Police Station Today at 10 AM

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] Kim Man-bae, the largest shareholder of Hwacheon Daeyu, an asset management company suspected of receiving special favors in the Daejang-dong development project in Seongnam-si, Gyeonggi Province, will be summoned to the police for investigation on the morning of the 27th.

According to the police, the Yongsan Police Station in Seoul will summon Kim at 10 a.m. today for questioning as a witness.

The police previously received a request from the Financial Intelligence Unit (FIU) in April to verify Hwacheon Daeyu's fund flow and account transaction details, and the case was assigned to the Yongsan Police Station.

According to the Financial Supervisory Service's electronic disclosure system, the major shareholder Kim borrowed 47.3 billion KRW from Hwacheon Daeyu under the name of long-term loans until last year. It was also confirmed that Lee Seong-moon, CEO of Hwacheon Daeyu, borrowed 2.68 billion KRW in 2019 and 1.2 billion KRW in 2020 from the company along with other executives.

Hwacheon Daeyu participated in the Daejang-dong public development project promoted by Lee Jae-myung, the governor of Gyeonggi Province and a leading presidential candidate of the Democratic Party of Korea, during his tenure as mayor of Seongnam, and received dividends amounting to 1,154 times the invested capital, raising suspicions of special favors.

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