Two Close Associates of Kim Man-bae Involved in 26 Billion Won Concealment to Undergo Detention Hearing Tomorrow

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 at the Seoul Central District Court on the 9th. Photo by Heo Young-han younghan@

[Asia Economy Reporter Kim Daehyun] Close aides who cooperated in concealing the assets of Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), face a detention decision on the 16th.

According to the court on the 15th, Judge Kim Jeong-min, in charge of warrants at the Seoul Central District Court, will conduct a pre-arrest interrogation (warrant substantive examination) on the 16th morning for Lee Han-seong, co-CEO of Hwacheon Daeyu, and Choi Woo-hyang, director of Hwacheon Daeyu and former vice chairman of Ssangbangwool Group, who are suspected of concealing criminal proceeds related to Kim.

The Seoul Central District Prosecutors' Office Anti-Corruption Investigation Division 1 (Chief Prosecutor Eom Hee-jun), investigating the 'Daejang-dong development corruption allegations,' filed arrest warrants for them the previous day. Lee was a close aide to Lee Hwa-young, former Gyeonggi Province Peace Deputy Governor and a close associate of Lee Jae-myung, leader of the Democratic Party of Korea, serving as his secretary 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, he managed Kim's bank accounts and seals, handling fund withdrawals under Kim's instructions.

Choi was formerly involved with a violent organization in the Mokpo area and 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 luggage. He is said to have managed Hwacheon Daeyu's finances.

They are accused of concealing approximately 26 billion KRW by withdrawing profits from the Daejang-dong project in checks for hidden storage or purchasing real estate under false accounting and in nominee names, following Kim's instructions.

Meanwhile, Kim, who attempted an extreme act the previous day, is currently receiving treatment and is in a stable condition without life-threatening injuries.

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