'Hwacheondaeyu Major Shareholder' Kim Man-bae Appears at Police Station... "No Illegal Activity" (Update)

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Kim Man-bae, the largest shareholder of Hwacheon Daeyu, who has been suspected of receiving special favors during the development process of Daejang-dong in Seongnam-si, Gyeonggi-do, is appearing at the Yongsan Police Station in Seoul on the 27th for investigation. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jeong Dong-hoon] Kim Man-bae, the largest shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), which is suspected of receiving special favors in the Daejang-dong district development project in Seongnam-si, Gyeonggi Province, appeared at the police station on the 27th for a witness investigation.

Kim entered the Yongsan Police Station in Seoul at around 9:55 a.m. that day and stated, "There was no illegality," adding, "I will sincerely explain during the police investigation."

Regarding the formation of a legal advisory group, estimated to include about 30 key figures from the legal community, he said, "There was no quid pro quo," and added, "They were people who gave me a lot of psychological advice, so I invited them, but I apologize for unintentionally becoming embroiled in controversy."

According to the Financial Supervisory Service's electronic disclosure system, Kim borrowed 47.3 billion won from Hwacheon Daeyu in April under the name of a long-term loan. The police are expected to focus on investigating the circumstances and usage of the large company funds borrowed.

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

This content was produced with the assistance of AI translation services.