'Arrest Warrants Issued for Hwacheondaeu CEO and Former Ssangbangwool Vice Chairman in Kim Man-bae's Asset Concealment Case'

Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, is entering the courtroom to attend the trial related to the lobbying and preferential treatment allegations in the Daejang-dong development project held on the 9th at the Seoul Central District Court. Photo by Heo Young-han younghan@

[Asia Economy Reporter Kim Hyung-min] On the 15th, the prosecution investigating the 'Daejang-dong development corruption allegations' filed arrest warrants for close aides who helped Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), conceal his assets.

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) filed arrest warrants on the 15th for Lee Han-seong, co-CEO of Hwacheon Daeyu, and Choi Woo-hyang, director of Hwacheon Daeyu and former vice chairman of Ssangbangwool Group, on charges of concealing criminal proceeds related to Kim.

They are accused of hiding approximately 26 billion KRW by withdrawing profits from the Daejang-dong project in checks and storing them secretly, or purchasing real estate under false names through fraudulent accounting, all under Kim's instructions. The prosecution believes they attempted to evade seizure or confiscation by investigative authorities.

Using arrest warrants issued by the court, the prosecution secured their custody on the 13th. An interior contractor, Kim, who was arrested along with them, was released after questioning. Kim is also accused of destroying key evidence necessary to prove Kim Man-bae's crimes.

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