"How Does the Youngest Son Get 5 Billion?" Gwak Sang-do's Son Mentioned in 'Daejang-dong' Recording (Comprehensive)

Kim Man-bae, Evidence of Discussions on Acquiring 'Yoo Dong-gyu Dasima Company'

Kim Man-bae (left), the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), Nam Wook, lawyer and owner of Hwacheon Daeyu subsidiary Cheonhwa Dongin No. 4, and Jung Young-hak, accountant and owner of Cheonhwa Dongin No. 5

[Asia Economy Reporter Kim Daehyun] In the recording file of accountant Jeong Young-hak, a key piece of evidence in the 'Daejang-dong development preferential treatment suspicion' case, circumstances were detected where Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), and others mentioned former People Power Party lawmaker Kwak Sang-do and discussed how to deliver 5 billion KRW.

Kim was also heard contemplating ways to distribute business profits, such as having former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu establish a 'Dasima fertilizer company' and then acquiring it, or conducting all-out lobbying targeting public officials and city council members.

On the 9th, the 22nd Criminal Division of the Seoul Central District Court (Presiding Judge Lee Joon-cheol) held the 28th trial for five individuals including Kim, accountant Jeong, former director Yoo, lawyer Nam Wook, owner of Hwacheon Daeyu subsidiary Cheonhwa Dongin No. 4, and lawyer Jeong Min-yong.

On this day, the prosecution played a conversation recorded on October 30, 2020, at a karaoke room between accountant Jeong and Kim. In it, Kim said, "As you know, there are parts where 5 billion KRW must be paid," and former director Yoo reportedly mentioned, "The lawyers say they will be paid as advisory fees."

When former director Yoo further suggested, "Wouldn't it be fine to give it that way, as dividends to the son," Kim questioned, "How can the youngest in the company take 5 billion KRW?" Currently, former lawmaker Kwak is on trial separately from former director Yoo, having been detained and indicted on charges of receiving about 5 billion KRW in bribes through his son in exchange for favors to Daejang-dong developers.

The prosecution also played a recording of a conversation between accountant Jeong and Kim from July 2020. The prosecution explained that the recording contained Kim stating his intention to pay 5 billion KRW to Deputy Manager Lee of Hana Bank regarding the Seongnam Eutteul consortium formation, and expressing being overwhelmed by entertaining public officials and city council members.

In the recording, Kim said, "I'm so tired trying to stop Daejang-dong," and "It costs a lot of money and it's not visible," while accountant Jeong responded, "You worked hard. I didn't see you get in quickly," emphasizing, "Your position is a tough one, brother."

A recording of a conversation between accountant Jeong and Kim from October last year was also played. The prosecution stated that as a method of distributing Daejang-dong profits, former director Yoo proposed establishing a 'Dasima company,' which Kim would then acquire. Methods such as paying dividends and gifts or investing in former director Yoo's company were also mentioned.

In the recording, Kim said, "Yoo Dong-gyu wants to escape and do business," and in response to accountant Jeong's question, "How will the money be given?" he replied, "He said he will start a company importing Dasima fertilizer from China," adding, "But he told me to buy that company."

The transcript of accountant Jeong's recordings submitted during the prosecution's investigation is considered key evidence in the Daejang-dong case. It reportedly contains content about disputes between Jeong and Kim over shared expenses and promises to pay hundreds of billions of KRW in dividends to former director Yoo. On the other hand, Kim and others have questioned the evidentiary value, suggesting the recordings may have been manipulated or that files different from the originals were submitted.

Former People Power Party lawmaker Gwak Sang-do

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