Prosecutors Indict Kwak Sang-do and Son in '5 Billion Club'... Bribery Conspiracy Charges
Former People Power Party lawmaker Kwak Sang-do was additionally indicted on the 31st over suspicions related to the "5 Billion Club." His son, Byeong-chae, and Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, were also charged as accomplices of former lawmaker Kwak.
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Former People Power Party lawmaker Gwak Sang-do. Photo by Kang Jin-hyung aymsdream@
View original imageThe Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kang Baek-shin) filed non-custodial indictments against three individuals, including former lawmaker Kwak, on charges of violating the Act on the Aggravated Punishment of Specific Crimes related to Concealment of Criminal Proceeds. According to the prosecution, around April 2021, Kwak allegedly received approximately 2.5 billion KRW (pre-tax 5 billion KRW) from Kim as a reward for helping prevent the Hana Bank consortium from withdrawing, and concealed it as performance bonuses for Byeong-chae, who was an employee of Hwacheon Daeyu. The prosecution applied accomplice charges to Byeong-chae in connection with the bribery case previously filed against Kwak.
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