Prosecutors Request Arrest Warrant for Hwacheon Daeyu Major Shareholder Kim Man-bae on Bribery Charges

[Asia Economy Reporter Bae Kyunghwan] The prosecution has requested a pre-arrest warrant for 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.

On the 12th, the dedicated investigation team at the Seoul Central District Prosecutors' Office applied charges including bribery to Kim and requested a pre-arrest warrant. The investigation team believes that Kim promised to pay a large sum as a reward for receiving preferential treatment during the project process from Yoo Dong-gyu, former head of planning at Seongnam Urban Development Corporation, and handed over 500 million won.

Earlier, the prosecution summoned Kim the previous day to investigate various allegations raised. After the investigation, Kim told reporters regarding the controversy over the true ownership of Cheonhwa Dongin No.1, a subsidiary of Hwacheon Daeyu, "Without a doubt, it belongs to Hwacheon Daeyu," and stated, "Hwacheon Daeyu is my personal company." However, regarding his remark that "half of the shares of Cheonhwa Dongin No.1 belong to that person," he explained, "From my perspective, I said that to prevent further conflicts among former business operators from spreading."

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