Prosecutors Arrest and Indict Kim Man-bae for Concealing 39 Billion Won in Daejang-dong Profits

On the 8th, the prosecution indicted Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, on charges of concealing profits from the Daejang-dong development project.

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) referred Kim to trial on charges including violation of the Act on the Regulation of Concealment of Criminal Proceeds.

Kim Man-bae [Image source=Yonhap News]

According to the prosecution, Kim is accused of concealing 39 billion won in criminal proceeds from the Daejang-dong development project between October 2021 and November 2022 by reissuing and exchanging checks or small denomination bills, and hiding them through methods such as using nominee officetels and remitting to third-party accounts. Following a court's seizure preservation order in December last year, he is also charged with instructing Park Mo, a schoolmate, to hide checks worth approximately 14.2 billion won, and with evidence destruction by ordering Kim Mo, an interior contractor, to smash and burn his mobile phone containing evidence with a hammer in September 2021.

Between July and October 2021, he is also charged with violating the Farmland Act by purchasing farmland under his and his wife's names in preparation for seizure preservation by investigative authorities, and fraudulently obtaining a farmland acquisition qualification certificate by falsely stating farming experience for the purpose of real estate speculation.

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