Prosecutors Demand 6-Month Prison Sentence for Hong Seon-geun, Chairman of Money Today, Over ‘Daejang-dong 5 Billion Club’ Allegations

The prosecution has requested the court to sentence Hong Seon-geun, chairman of Money Today, who is implicated in the so-called ‘Daejang-dong 5 Billion Club’ scandal, to six months in prison and impose a fine of 14.54 million won.

Hong Seon-geun, chairman of Money Today, who has been identified as a member of the so-called '5 Billion Club' accused of receiving money and valuables from developers involved in the Daejang-dong project, is heading to the courtroom after attending the first session of the first trial at the Seoul Central District Court in Seocho-gu, Seoul on the 29th. Photo by Yonhap News

On the 29th, at the first trial for violation of the Improper Solicitation and Graft Act against Chairman Hong, held under the presiding of Judge Lee Chun-geun of the Seoul Central District Court Criminal Division 1, the prosecution made this demand. Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, who was also indicted, was similarly sentenced to six months in prison.

The prosecution stated, “Chairman Hong received a total of 5 billion won transferred from Mr. Kim to accounts under the names of his wife and son, 2.5 billion won each, and later agreed with Mr. Kim during phone calls not to pay the agreed interest.”

Hong is identified as a member of the ‘5 Billion Club,’ a group including legal professionals, politicians, and journalists who allegedly received or were to receive large sums of money under the pretext of lobbying from the Daejang-dong group, which includes former journalist Kim Man-bae, lawyer Nam Wook, and accountant Jung Young-hak.

Hong was indicted last August on charges of borrowing 5 billion won from Mr. Kim in October 2019 under the names of his spouse and son and repaying only the principal in January of the following year. The prosecution applied charges of violating the Improper Solicitation and Graft Act, considering the 14.54 million won in agreed interest that Hong was exempted from as money received from Mr. Kim.

In his final statement, Hong said, “I apologize for causing social unrest due to my negligence.”

Mr. Kim said, “I deeply regret causing social unrest.”

The sentencing for Chairman Hong and others is scheduled for January 8 of next year.

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