"Followed His Administrative Guidelines" Kim Man-bae's Statement Sparks Varied Interpretations

Emphasis on No Intent of Breach of Trust, Simple Statement
"Lee Jae-myung Specifically Understands Business Details"
Indirect Analysis to Prove Facts Also
Speculation on Strategy to Avoid Breach of Trust Charges

Kim Man-bae, the major shareholder of Hwacheon Daeyu involved in the Daejang-dong scandal, is attending the warrant hearing held at the Seoul Central District Court in Seocho-gu, Seoul on the 3rd. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Hyung-min] Is it a simple defense or a bombshell statement?

Legal circles are divided over the remarks made by Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), before his detention.

Before the warrant hearing on the 4th, Kim referred to Lee Jae-myung, the Democratic Party presidential candidate, as "that person" and said to reporters, "(The Daejang-dong development project bidding) was carried out according to that person's administrative guidelines and Seongnam City's policies." Taken at face value, this statement reads as a simple defensive remark emphasizing that the bidding was conducted according to the Daejang-dong development project guidelines, with no intent of breach of trust. On the other hand, some interpret this as testimony proving that candidate Lee was aware of specific details such as the scale of profits from the Daejang-dong project from the time the bidding guidelines were issued. A lawyer who is a former prosecutor said, "The part where he said candidate Lee did his best administration indirectly points out that Lee was well aware of the project details." Kim Jong-min, a lawyer and former head of the Gwangju District Prosecutors' Office Suncheon Branch, emphasized that it was a "meaningful statement" and said, "It directly refutes the candidate's previous claims of ignorance."

Kim's statement contradicts his earlier remarks during the prosecution investigation and warrant hearing that "there is no relation with candidate Lee." A criminal defense lawyer said, "He might have left room to escape breach of trust charges through candidate Lee, considering the trial later."

The most important charge in the current Daejang-dong suspicion is 'breach of trust.' It is difficult to find legal issues with the high-profit project itself. Both legal and real estate sectors evaluate that there is no problem with the project itself from a market economy perspective. However, if they deliberately sought high profits for themselves rather than the citizens of Seongnam through the project, the story changes. There is also speculation that Kim strategically involved this tycoon to clear the breach of trust charges. Recently, the prosecution secured evidence that lawyer Jeong Min-yong drafted the bidding guidelines and reported them to candidate Lee, who was then the mayor of Seongnam, which supports Kim's statement.

It also seems that Kim was uncomfortable with the prosecution pressuring him solely based on the statements and recordings of accountant Jeong Young-hak and lawyer Nam Wook. After the detention hearing ended the previous day, he said, "Jeong Young-hak designed and built the fortress, but Jeong Young-hak and the prosecution are attacking it, and I am in the position of defending it," adding, "It is very embarrassing."

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