Gwak Sang-do Completes Detention Hearing in 2 Hours, Questions Existence of the '50 Billion Club'

Former People Power Party lawmaker Gwak Sang-do bows in greeting as he leaves the courtroom after attending the pre-arrest detention hearing at the Seoul Central District Court in Seocho-gu, Seoul, on the morning of the 1st.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] Former People Power Party lawmaker Kwak Sang-do, who became embroiled in controversy after his son received a large retirement payment from Hwacheon Daeyu Asset Management (Hwacheon Daeyu), said, "It is questionable whether one can say that the so-called '50 Billion Club' actually exists."

At around 12:35 PM on the 1st, former lawmaker Kwak came out after about two hours of his pre-arrest detention hearing (warrant review) held from 10:30 AM under the presiding judge Seo Bomin at the Seoul Central District Court, and made this statement.

He first apologized, saying, "First, I would like to once again deeply apologize for being involved in such an unfortunate matter and being investigated."

Regarding suspicions that his son received the retirement payment as a reward for helping form the consortium, he claimed, "Even during today's interrogation, the exact circumstances, timing, and location of the alleged request have not been clearly revealed. The prosecutors believe that I asked Kim Jung-tae, the chairman of Hana Bank, but the only basis is that Kim Man-bae once mentioned this to lawyer Nam Wook in the past; there is no other evidence."

On criticism that his son Byung-chae's retirement payment of 2.5 billion won was excessive relative to his position, he said, "That company earned money beyond what others can imagine, so I think these strange issues have arisen now."

Regarding his name being listed in the '50 Billion Club' roster, he emphasized, "Currently, I am the only one facing problems, right? As for the others mentioned, isn't the prosecution moving toward granting them exoneration?"

When asked how he would respond to the ongoing investigation, former lawmaker Kwak replied, "Isn't it the prosecution's responsibility to provide additional evidence and materials to prove the charges, not mine? It is difficult to explain as there is no content at all right now."

After hearing the opinions of the prosecution and former lawmaker Kwak, presiding judge Seo is expected to decide on the detention warrant late tonight after reviewing the records. Kwak is the first to have a detention warrant requested in connection with the so-called '50 Billion Club' allegations involving receiving or promising to receive money or valuables from Hwacheon Daeyu.

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