Police Summon and Investigate Kwak Sang-do's Son Over '5 Billion Won Retirement Pay'

Independent lawmaker Gwak Sang-do resigning from his position [Photo by Yonhap News]

[Asia Economy Reporter Oh Ju-yeon] The police investigating the preferential treatment allegations in the Daejang-dong development in Seongnam, Gyeonggi Province, are reportedly summoning and questioning Gwak Byeong-chae, the son of Assemblyman Gwak Sang-do, who received a retirement payment of 5 billion KRW from Hwacheon Daeyu.

On the 8th, the dedicated investigation team of the Gyeonggi Nambu Police Agency stated that they have summoned and are questioning Gwak Byeong-chae, the son of independent Assemblyman Gwak Sang-do, who received 5 billion KRW as a retirement payment from Hwacheon Daeyu Asset Management (Hwacheon Daeyu).

Additionally, the police summoned and questioned Lee Mo, the representative of a sales agency company who is related by marriage to former special prosecutor Park Young-soo, and called Lee Han-seong, the representative of Hwacheon Daeyu’s affiliate company Cheonhwa Dongin No. 1, as a suspect.

The civic group Anti-Corruption National Participation Solidarity stated, "The 5 billion KRW received by Assemblyman Gwak’s son is much larger than the retirement payments of professional managers who have worked for 20 to 30 years at large corporations or the retirement payments of large corporation chairpersons, and is presumed to be a bribe in return for favors," and filed a complaint against Assemblyman Gwak and his son for bribery under the Special Act.

The police are expected to examine the nature of the retirement payment Gwak received from Hwacheon Daeyu.

Lee, who was summoned as a witness, is known to have received 10 billion KRW out of 47.3 billion KRW borrowed by Kim Man-bae, a former journalist and major shareholder of Hwacheon Daeyu, from Hwacheon Daeyu.

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