The Court Decides Not to Issue Additional Arrest Warrants... Kim Man-bae and Nam Wook to Be Released Next Week

Kim Man-bae, Nam Wook [Photo by Yonhap News]

[Asia Economy Reporter Kim Hyung-min] Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), and lawyer Nam Wook, who are currently undergoing first trial after being detained and indicted in connection with the Daejang-dong case, will be released next week as their detention periods expire. Including former Seongnam Urban Development Corporation director Yoo Dong-gyu, who was released earlier, all members involved in the Daejang-dong case are expected to stand trial without detention.

The Seoul Central District Court Criminal Division 22 (Presiding Judge Lee Jun-cheol) informed both the prosecution and the defendants on the 18th during the trial that "additional detention warrants for Mr. Kim and Mr. Nam will not be issued."

The court explained the reason, stating that while it cannot completely rule out the possibility that the defendants might destroy evidence, "at this stage, it is insufficient to conclude that there are grounds and necessity to detain them based on the newly indicted charges."

However, the court added, "This decision is based on the circumstances up to now," and "If concerns about the defendants destroying evidence become a reality, we will actively consider issuing detention warrants."

Mr. Kim and Mr. Nam’s detention periods expire at midnight on the 25th and 22nd, respectively. If no additional detention warrants are issued, Mr. Kim will be released on the 24th, and Mr. Nam on the 21st.

Both were detained and indicted together on November 22 last year. They are accused of conspiring with former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu and others to channel profits to Hwacheon Daeyu, a private developer in Daejang-dong, thereby causing losses to the corporation (breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes).

The maximum detention period for the first trial is six months after indictment, but Mr. Kim and Mr. Nam had their detention periods extended by six months due to additional detention warrants issued in a separate case in which former lawmaker Kwak Sang-do was also indicted. Accordingly, Mr. Nam’s detention period expires at midnight on the 22nd of this month, marking one year since indictment. Mr. Kim’s expiration date was postponed by three days due to a suspension of detention execution granted for mourning his mother.

Earlier, the prosecution requested the court on the 11th during the trial to reissue detention warrants, stating, "The defendants have a history of destroying evidence and there is a high risk they will destroy evidence with accomplices. They also failed to appear in the additional indictment case."

Former director Yoo was released on the 20th of last month due to expiration of his detention period. Accountant Jung Young-hak, known for designing the Daejang-dong development project, and lawyer Jung Min-yong, former head of the Strategic Business Office at Seongnam Urban Development Corporation, have been standing trial without detention from the beginning.

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