'26 Billion Hidden' Kim Man-bae's Associate, Former Ssangbangwool Vice Chairman, Appears for Detention Hearing

Former Ssangbangwool Vice Chairman Choi Woo-hyang and Hwacheondaeyu Co-Representative Lee Han-sung Detained for Custody Hearing

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 Daehyun] Associates who cooperated in concealing the assets of Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), appeared in court on the 16th for pre-trial detention hearings (warrant substantive examination).

Seoul Central District Court Judge Kim Jeong-min, in charge of warrants, began the detention hearing for Choi Woo-hyang, director of Hwacheon Daeyu and former vice chairman of Ssangbangwool Group, at 10 a.m. on the same day. At 11:30 a.m., a hearing for Lee Han-seong, co-CEO of Hwacheon Daeyu, was held. The decision on their detention is expected to be made late at night or in the early hours of the 17th.

The Anti-Corruption Investigation Division 1 (Chief Prosecutor Eom Hee-jun) of the Seoul Central District Prosecutors' Office, investigating the 'Daejang-dong development corruption allegations,' requested their arrest warrants the previous day. Lee was a former aide to Lee Hwa-young, ex-Deputy Governor for Peace of Gyeonggi Province and a close associate of Lee Jae-myung, leader of the Democratic Party of Korea, during the time Lee Hwa-young was a member of the National Assembly. After joining Hwacheon Daeyu at the request of Kim, a fellow alumnus of Sungkyunkwan University, Lee is known to have managed Kim’s bank accounts and seals, handling fund withdrawals under his 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 reported to have been in charge of Hwacheon Daeyu’s financial affairs.

They are accused of hiding approximately 26 billion KRW by withdrawing profits from the Daejang-dong project in checks and storing them secretly, falsifying accounting records, and purchasing real estate under false 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. The Criminal Division 22 of Seoul Central District Court (Presiding Judge Lee Jun-cheol) decided to skip the trials originally scheduled for the day and the 19th regarding the Daejang-dong development preferential treatment allegations and instead hold the trial on the 23rd. This appears to be due to Kim’s difficulty attending court while undergoing treatment.

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