Namuk "I don't believe Kim Man-bae's '50 Billion Club' story... I've always experienced inflated costs"

Lawyer Nam: "Even Accountant Jeong Young-hak Probably Didn't Trust"

Namwook, a lawyer who is a key figure in the preferential treatment allegations related to the Daejang-dong development, is attending the warrant hearing held at the Seoul Central District Court in Seocho-gu, Seoul, on November 3 last year. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Young-won] Nam Wook, a lawyer, and other stakeholders in the Daejang-dong project testified that they did not believe the so-called '50 Billion Club' claim made by Kim Man-bae, the major shareholder of Hwacheon Daeyu.

On the 8th, Lawyer Nam made these remarks during the trial of former National Assembly member Kwak Sang-do and Kim Man-bae at the Seoul Central District Court Criminal Division 22 (Presiding Judge Lee Jun-cheol).

On that day, when Kim’s lawyer asked if he believed Kim Man-bae’s statement in 2017-2018 that 5 billion KRW should be given to Kwak Sang-do and others, Nam replied, "I did not believe it," adding, "Based on experience, Kim Man-bae has always inflated costs in the past."

Accountant Jung Young-hak, also involved in the Daejang-dong project, appeared skeptical about the 50 Billion Club story. Nam testified, "I don’t know exactly when, but there was talk that 5 billion KRW should also be given to the chairman (Hong Seon-geun) of the company where Kim Man-bae worked," and added, "As we parted, Accountant Jung said, 'Now they’re even saying they will give 5 billion KRW to that guy.'"

Regarding the claim that Kim paid 5 billion KRW to former lawmaker Kwak’s son, Lawyer Nam said, "At first, I did not fully trust it, but after it appeared in the media, I confirmed that the payment was actually made."

Meanwhile, former lawmaker Kwak was arrested and indicted on charges of receiving 5 billion KRW (2.5 billion KRW after tax) as severance pay and other fees for his son, who worked at Hwacheon Daeyu, in return for helping Hwacheon Daeyu form a consortium with Hana Bank in 2015.

Kwak is also charged with receiving 50 million KRW in illegal political funds from Lawyer Nam in March-April 2016, ahead of the 20th National Assembly election. Lawyer Nam and Kim are also on trial, charged with bribery and delivering political funds to former lawmaker Kwak.

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