Kim Man-bae on '35 Billion Won Lobbying Allegation': "Baseless... Objective Truth Will Emerge"

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, considered a key figure in the Daejang-dong development project special favor suspicion case in Seongnam-si, Gyeonggi-do, fully denied allegations of lobbying in political and government circles on the 1st.

In a statement released that day, Kim said, "The 35 billion won lobbying is not true," adding, "As the development profits increased more than expected, exaggerated facts were recorded during the process of inflating the estimated costs to gain an advantage in the profit distribution ratio among investors." He continued, "If the inflows and outflows of all accounts related to this project are investigated to thoroughly clarify the flow of funds, the objective truth will be revealed."

On the same day, a media outlet reported that a recording file submitted to the prosecution by accountant Jeong Young-hak, owner of Cheonhwa-dongin No. 5, an affiliate of Hwacheon Daeyu, contained content in which Kim, accountant Jeong, former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu, and lawyer Nam Wook, owner of Cheonhwa-dongin No. 4, key figures in the suspicion, argued over lobbying funds for political and government circles.

It was reported that there was a dispute over who would bear how much of the 35 billion won lobbying funds to be provided to politicians from both ruling and opposition parties, legal professionals, Seongnam City Council, and Seongnam Urban Development Corporation.

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