Suspicion of 'Daejang-dong 5 Billion Club' - Hong Seon-geun, Money Today Chairman, Fined in First Trial
Hong Seon-geun, chairman of Money Today, who was indicted on charges of borrowing 5 billion KRW from private developer Kim Man-bae of Daejang-dong and being exempted from interest of around 10 million KRW, was sentenced to a fine in the first trial.
On the 8th, Lee Chun-geun, presiding judge of the Criminal Division 1 at the Seoul Central District Court, sentenced Chairman Hong to a fine of 15 million KRW for violating the Improper Solicitation and Graft Act. He also ordered the confiscation of approximately 14.54 million KRW. Kim, who was tried together, was also sentenced to a fine of 15 million KRW.
The court stated, "Considering the defendants' confessions and statements, all the charges are recognized as guilty," and added, "The crime in this case is not minor as it can undermine the trust in the media." However, the court explained the sentencing reasons by saying, "The financial transaction was not between a media company chairman and a news subject but was based on a personal friendship. The exemption from interest payment was only during the repayment process of the borrowed amount from Kim, and interest was paid belatedly."
Chairman Hong is identified as a member of the '5 Billion Club,' which includes legal professionals, politicians, and journalists who allegedly received or were to receive large sums of money as bribes from the Daejang-dong group, including former journalist Kim Man-bae, lawyer Nam Wook, and accountant Jeong Young-hak. Hong was indicted in August last year on charges of borrowing 5 billion KRW from 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 under the Improper Solicitation and Graft Act, viewing the approximately 14.54 million KRW of exempted agreed interest as money received from Kim.
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In 2021, Hong also borrowed 4.9 billion KRW through Cheonhwa-dongin No. 1, controlled by Hwacheon Daeyu Asset Management, a company established by the Daejang-dong group, but this case was not subject to punishment as both interest and principal were fully repaid.
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