Prosecutors Freeze 3.5 Billion KRW of Assets of Kim Man-bae's Closest Associate 'Helmet Man' Choi Woo-hyang
The assets of Choi Woo-hyang, a director of Hwacheon Daeyu who is accused of participating in concealing 39 billion KRW of profits from the Daejang-dong development by major shareholder Kim Man-bae, have been frozen at 3.5 billion KRW.
According to the legal community on the 29th, the Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) filed a petition for seizure preservation against Choi at the Seoul Central District Court and received an approval decision on the 27th. The frozen 3.5 billion KRW includes Choi’s rental deposits and bank deposits.
Seizure preservation is a procedure that freezes suspected criminal proceeds to prevent the defendant from disposing of them arbitrarily until a guilty verdict is confirmed.
The court had previously frozen 2.5 billion KRW of assets belonging to Choi, Hwacheon Daeyu co-CEO Lee Seong-moon, Kim’s wife Kim (surname withheld), and former savings bank executive Yoo (surname withheld), who were close aides involved in Kim’s crimes. With the additional seizure preservation decision on Choi’s 3.5 billion KRW assets, the total frozen assets of Kim’s associates have reached 6 billion KRW.
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Choi and others are accused of violating the Act on the Regulation and Punishment of Criminal Proceeds Concealment by splitting approximately 39 billion KRW of criminal proceeds related to the Daejang-dong project from 2021 to the end of last year into small checks, hiding them in nominee officetels and third-party accounts, or disguising them as loans. The prosecution believes that among the total 39 billion KRW of criminal proceeds concealed by Kim Man-bae, Lee hid 29 billion KRW, Choi hid 9.5 billion KRW, and Kim’s wife concealed about 4.02 billion KRW. In April, the prosecution indicted 10 accomplices including them.
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