'Hwacheondaeyu' Kim Man-bae Under Prosecutor's Investigation for 6 Hours... Possibility of Arrest Warrant Request

Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management and a key figure in the Daejang-dong development lobbying and preferential treatment allegations, is appearing as a suspect at the Seoul Central District Prosecutors' Office in Seocho-gu, Seoul, on the 11th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kim Daehyun] Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), is attending the prosecution as a suspect related to the 'Daejang-dong scandal' and is being investigated. The investigation of Kim is expected to continue until late afternoon. Since former Seongnam Urban Development Headquarters Planning Director Yoo Dong-gyu, who was previously investigated, was arrested on charges including bribery, there is a possibility that the prosecution will apply bribery charges to Kim and request an arrest warrant.

At 4:30 p.m. on the 11th, the Seoul Central District Prosecutors' Office has been investigating Kim since the morning after summoning him as a suspect. Kim appeared at the Seoul Central District Prosecutors' Office in Seocho-gu, Seoul, and told reporters, "I am very sorry for causing a commotion," and "I will sincerely cooperate with the investigation."

Kim stated, "I am the real owner of Cheonhwa-dongin," and added, "The various allegations raised are due to intentionally edited recordings." He also said, "There has never been any illegal fund transaction," and "If the prosecution thoroughly investigates the deposit and withdrawal details of the funds, many of the current allegations will be resolved."

The recording submitted by accountant Jeong Young-hak, the owner of Cheonhwa-dongin No. 5, during a previous prosecution investigation, contained content that Kim's side's lobbying funds amounted to 35 billion KRW and that tens of billions of KRW were handed over to Seongnam city council members and others. Kim's side has claimed, "The contents of the recordings have been exaggerated as expected costs during the profit distribution process among investors and are not true." The dedicated investigation team at the Seoul Central District Prosecutors' Office (led by Deputy Chief Prosecutor Kim Tae-hoon) is expected to focus on questioning Kim about these political and financial lobbying allegations.

Regarding the suspicion that Kim visited former Supreme Court Justice Kwon Soon-il to influence the Supreme Court ruling on Gyeonggi Governor Lee Jae-myung, Kim denied it, saying, "Our judiciary is not a place that moves based on the speculations and patchwork thoughts of gossipers." He also rebutted, "The talk related to the trial is absurd," and added, "Former Justice Kwon is a senior from the same hometown, and I sought much advice from him to take over other matters. That part has been misunderstood and distorted."

It was confirmed that Kim visited former Justice Kwon both shortly before the Gyeonggi Governor's Public Official Election Act violation case was referred to the Supreme Court plenary session last year and the day after the Supreme Court acquitted him. This has raised suspicions of 'trial trading,' mainly from opposition parties. After retiring, former Justice Kwon received a monthly legal advisory fee of 15 million KRW from Hwacheon Daeyu. The investigation team is expected to verify whether this advisory fee is related to or a quid pro quo for the Supreme Court's remand ruling on Governor Lee.

Regarding the payment of 5 billion KRW in severance pay to the son of Assemblyman Kwak Sang-do, Kim said, "He was injured while working for us," and "It was handled normally within the company's bonus and severance pay distribution structure." When pointed out that this was not normal, he responded, "I will think about it more carefully."

There is also suspicion that Kim promised former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu, who was previously arrested, 25% of the development profits as a reward for receiving benefits during the Daejang-dong development project. It is reported that after the development profits exceeded expectations, Kim agreed to give Yoo's side 70 billion KRW and delivered 500 million KRW earlier this year. The investigation team cited this 500 million KRW as a bribe in Yoo's arrest warrant.

Since the investigation team arrested former Director Yoo on charges including bribery, there is a possibility that they will also request an arrest warrant for Kim, who is the bribe giver. The investigation team is also questioning former Director Yoo, who is currently detained in a detention center, from the morning. There is a possibility that a confrontation investigation between the two may take place if necessary. The use of the 47.3 billion KRW that Kim borrowed from Hwacheon Daeyu is also under investigation.

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