'Daejang-dong Allegations' Kim Man-bae Faces Detention Decision Today

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] The decision on whether to detain Kim Man-bae, the major shareholder of Hwacheon Daeyu, will be made on the 14th.

According to the court, at 10:30 a.m. on the same day, Judge Moon Seong-gwan, who is in charge of warrants at the Seoul Central District Court, will hold a pre-detention suspect hearing (warrant substantive examination) for Kim to deliberate on the necessity of detention.

Earlier, the Seoul Central District Prosecutors' Office's dedicated investigation team (led by Deputy Chief Prosecutor Kim Tae-hoon) filed a pre-detention warrant request against Kim on the afternoon of the 12th, applying charges including bribery and breach of trust under the Specific Economic Crimes Act. This was just one day after summoning Kim for questioning as a suspect.

Kim is identified as a key accomplice in the Daejang-dong development-related suspicions, following former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu. It is suspected that a total of 200 billion KRW was circulated through breach of trust, embezzlement, and bribery for the Daejang-dong development, and that former Director Yoo, as the project manager, contributed to the so-called "Daejang-dong team" reaping thousands of billions of KRW in profits.

The prosecution reportedly decided to secure Kim's custody for further investigation after he continued to present claims differing from the evidence obtained during the previous day's questioning. In general, the prosecution considers detention necessary when a suspect denies charges despite clear physical evidence, citing concerns over potential evidence tampering.

The court's decision on detention is expected to be announced late in the afternoon on the same day.

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