Prosecutors Seek Arrest Warrants for Hwacheon Daeyu CEO and Former Ssangbangwool Vice Chairman in ‘Kim Man-bae Asset Concealment’ Case (Comprehensive)

'Extreme Suicide Attempt' Kim Man-bae Admitted to Ajou University Hospital ICU

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 at the Seoul Central District Court on the 9th. 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 against close aides who cooperated in concealing the assets of Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu).

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) filed arrest warrants 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 by Kim.

The two individuals for whom the prosecution filed arrest warrants are known to be Kim’s closest aides. Lee was a secretary to Lee Hwa-young, former Gyeonggi Province Peace Deputy Governor and a close aide to Lee Jae-myung, leader of the Democratic Party, when Lee Hwa-young was a member of the National Assembly. After joining Hwacheon Daeyu at Kim’s request, who is an alumnus of Sungkyunkwan University, Lee managed Kim’s bank accounts and seals, and handled fund withdrawals according to Kim’s instructions.

Choi was formerly involved in a violent organization in the Mokpo area and also served as vice chairman of Ssangbangwool Group. He has known Kim for 20 years and appeared wearing a motorcycle helmet in front of Seoul Detention Center on October 15 last year after Kim’s first arrest warrant was dismissed, even helping carry his belongings. He is known to have managed Hwacheon Daeyu’s household affairs.

They are accused of withdrawing profits from the Daejang-dong project by check and hiding them, falsifying accounting records to purchase real estate under borrowed names, and concealing approximately 26 billion KRW. The prosecution believes they attempted to evade seizure or confiscation by investigative authorities.

The prosecution froze real estate such as land and buildings, and deposit return claims worth about 80 billion KRW owned under real and borrowed names by Kim and other private developers involved in Daejang-dong, and tracked additional concealed assets. As a result, it was found that under Kim’s instructions, they used tens of billions of KRW of Hwacheon Daeyu funds to purchase land in the Suwon area. The land was purchased under the names of Hwacheon Daeyu and Kim respectively but was recently settled. The prosecution also views their ‘split withdrawal’ of Daejang-dong development dividends by check to distribute to shareholders as an act intended to conceal assets.

Kim Mo, an interior contractor arrested along with the two, was released after completing the investigation. Kim is also accused of destroying key evidence necessary to prove Kim Man-bae’s crimes.

Meanwhile, Kim Man-bae, who attempted an extreme act the previous day, is receiving treatment in the intensive care unit at Ajou University Hospital in Suwon, Gyeonggi Province. His life is not in danger. However, since the self-inflicted wounds were on his neck and chest, injuries to the carotid artery and lungs have been reported. He is expected to undergo suturing and other treatments on the injured areas and remain hospitalized in the ICU for the time being.

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