Gwak Sang-do: "Why Are All Performance Bonuses Received by Hwacheon Daeyu Employees Being Disguised as Bribes?"

Opposition to Applying Bribery Charges for Son's '5 Billion Won Severance Pay' in Kim Man-bae's Arrest Warrant

Independent lawmaker Gwak Sang-do./Photo by Yonhap News

[Asia Economy Reporter Kang Juhee] The prosecution has reportedly judged the "5 billion won retirement payment" given to the son of independent lawmaker Kwak Sang-do as a bribe while filing a pre-arrest warrant for Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu). Lawmaker Kwak responded bluntly, saying, "I cannot understand why the performance bonuses distributed to all Hwacheon Daeyu employees are being disguised as bribes."

On the 13th, in a post on his Facebook, Lawmaker Kwak stated, "Yesterday, the prosecution filed a pre-arrest warrant for Kim Man-bae of Hwacheon Daeyu, stating that the performance bonus my son received from Hwacheon Daeyu was a bribe," and added, "If there had been lobbying, there would be records, but without any such evidence, they are arbitrarily labeling it as a bribe."

He said, "As I have stated so far, I did not receive any lobbying, nor was I involved in any matter," and questioned, "Even if they try to frame me, shouldn't they at least know who lobbied me, when, and what was said?"

He continued, "Since the conversation recordings are between third parties, it is clear that they cannot be used as evidence that I received a bribe," emphasizing, "The recordings do not mention any lobbying at all, which means there is no substance to the lobbying."

He further stated, "All Hwacheon Daeyu executives and employees who earned an astronomical profit of 700 billion won received or are scheduled to receive performance bonuses," adding, "Representative Lee Sung-moon of Hwacheon Daeyu reportedly received 12 billion won plus in performance bonuses, Executive Director Yang received 10 billion won plus, and all employees are scheduled to receive additional performance bonuses beyond the 500 million won already given," and concluded, "I cannot understand why performance bonuses distributed to all Hwacheon Daeyu employees are being disguised as bribes."

Gwak Sang-do, an independent lawmaker whose son received a severance pay of 5 billion won from Hwacheon Daeyu Asset Management, which is under suspicion of preferential treatment in the Daejang-dong development project in Bundang-gu, Seongnam-si, Gyeonggi Province, is seen leaving after completing an investigation at the Gyeonggi Nambu Police Agency in Suwon-si, Gyeonggi Province on the afternoon of the 8th.
Photo by Yonhap News

According to reports, the special investigation team at the Seoul Central District Prosecutors' Office, which is investigating suspicions related to the Daejang-dong development project in Bundang-gu, Seongnam-si, Gyeonggi Province, filed a pre-arrest warrant for Kim on the 12th.

The warrant includes charges of breach of trust involving approximately 110 billion won alongside former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu, bribery charges for promising to pay Yoo 70 billion won and paying 500 million won earlier this year, and also specifies the 5 billion won retirement payment given to lawmaker Kwak's son, who worked at Hwacheon Daeyu, as a bribe.

Earlier, as controversy over his son's large retirement payment spread, Lawmaker Kwak left the People Power Party and announced his resignation from the National Assembly. On the 28th of last month, Kwak emphasized, "If there are parts I must take responsibility for according to the investigation results, I will not hesitate to take any measures, including resigning from my position as a lawmaker," and stated again, "I have never exercised any influence over the Daejang-dong development project, nor have I made any statements or taken any actions related to Hwacheon Daeyu, the company my son joined, in my capacity as a lawmaker."

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