Gwak Sang-do Appeals... "Request to Lift the 5 Billion Won Seizure on Son's Retirement Pay"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] Independent lawmaker Kwak Sang-do has appealed to the court to lift the seizure of 5 billion won in retirement and consolation payments received by his son, Byeong-chae, who worked at Hwacheon Daeyu Asset Management.

According to the legal community on the 1st, Kwak’s side filed an appeal on the 29th of last month, disagreeing with the court’s decision to approve the seizure.

Seizure refers to the procedure of freezing profits suspected to have been obtained through crimes until the defendants’ guilt is confirmed. Due to the court’s action, Kwak and Byeong-chae are currently unable to dispose of the assets presumed to be criminal proceeds at their discretion.

Earlier, the court accepted the prosecution’s seizure request for 5 billion won, stating last month, “There is substantial reason to believe that lawmaker Kwak obtained illegal assets through violations of the Political Funds Act and bribery under the Act on the Aggravated Punishment of Specific Crimes in collusion with Byeong-chae, and that these assets should be seized.”

Currently, the prosecution suspects that Kwak, who served as the Blue House Senior Secretary for Civil Affairs, accepted a proposal from Kim Man-bae, the major shareholder of Hwacheon Daeyu, in June 2015. The proposal involved helping resolve various legal disputes and permit procedures related to the Daejang-dong project, in exchange for employing his son at Hwacheon Daeyu and sharing future business profits.

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