Prosecutors Summon Kim Man-bae's Classmate Over 14.2 Billion Won Check Concealment

Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, who was indicted on charges of bribery, is attending the first trial sentencing hearing related to the Daejang-dong development project lobbying and preferential treatment allegations at the Seoul Central District Court in Seocho-gu on the afternoon of the 8th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Daehyun] The prosecution summoned Park Mo, a classmate, for questioning to trace the flow of criminal proceeds concealed by Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), a private developer involved in the Daejang-dong project.

On the morning of the 22nd, the Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) is investigating Park as a suspect. The prosecution is expected to inquire about the circumstances under which Kim concealed the criminal proceeds and how he received the checks.

On the 18th, Kim was re-arrested on charges of hiding 34 billion won in criminal proceeds related to the Daejang-dong development project from October 2021 to November 2022 by cashing checks and concealing them in a nominee officetel and a rented safe.

Following a court's provisional seizure order in December last year, Kim is also charged with instructing his close aide Park to hide physical checks worth approximately 14.2 billion won, which are evidence of the concealment of criminal proceeds, and with having his aide burn his mobile phone containing evidence of the Daejang-dong case around September 2021.

The prosecution has been continuously tracking funds based on the possibility that Kim has concealed more assets. It is also considering that Kim, who acted as a 'lobby channel' during the Daejang-dong project, may have used some of the hidden funds as bribes. There is also a possibility of revealing connections to the so-called '50 Billion Club.'

From the day after his re-arrest, the prosecution summoned Kim for questioning at the detention center for three consecutive days. They plan to secure statements regarding the use of criminal proceeds within the detention period, keeping in mind the possibility that Kim has additional hidden funds.

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