Namuk "I don't believe Kim Man-bae's '50 Billion Club' story... I've always experienced inflated costs"
by Kim Youngwon
Published 08 Jun.2022 18:31(KST)
Namwook, a lawyer who is a key figure in the preferential treatment allegations related to the Daejang-dong development, is attending the warrant hearing held at the Seoul Central District Court in Seocho-gu, Seoul, on November 3 last year. Photo by Jinhyung Kang aymsdream@
View original image[Asia Economy Reporter Kim Young-won] Nam Wook, a lawyer, and other stakeholders in the Daejang-dong project testified that they did not believe the so-called '50 Billion Club' claim made by Kim Man-bae, the major shareholder of Hwacheon Daeyu.
On the 8th, Lawyer Nam made these remarks during the trial of former National Assembly member Kwak Sang-do and Kim Man-bae at the Seoul Central District Court Criminal Division 22 (Presiding Judge Lee Jun-cheol).
On that day, when Kim’s lawyer asked if he believed Kim Man-bae’s statement in 2017-2018 that 5 billion KRW should be given to Kwak Sang-do and others, Nam replied, "I did not believe it," adding, "Based on experience, Kim Man-bae has always inflated costs in the past."
Accountant Jung Young-hak, also involved in the Daejang-dong project, appeared skeptical about the 50 Billion Club story. Nam testified, "I don’t know exactly when, but there was talk that 5 billion KRW should also be given to the chairman (Hong Seon-geun) of the company where Kim Man-bae worked," and added, "As we parted, Accountant Jung said, 'Now they’re even saying they will give 5 billion KRW to that guy.'"
Regarding the claim that Kim paid 5 billion KRW to former lawmaker Kwak’s son, Lawyer Nam said, "At first, I did not fully trust it, but after it appeared in the media, I confirmed that the payment was actually made."
Meanwhile, former lawmaker Kwak was arrested and indicted on charges of receiving 5 billion KRW (2.5 billion KRW after tax) as severance pay and other fees for his son, who worked at Hwacheon Daeyu, in return for helping Hwacheon Daeyu form a consortium with Hana Bank in 2015.
Kwak is also charged with receiving 50 million KRW in illegal political funds from Lawyer Nam in March-April 2016, ahead of the 20th National Assembly election. Lawyer Nam and Kim are also on trial, charged with bribery and delivering political funds to former lawmaker Kwak.