[Q&A] Kim Man-bae "Legal figures appointed as advisors due to psychological advice"

Mr. Kim Man-bae to Appear at Yongsan Police Station on 27th
Apologizes to Luxurious Legal Advisory Team for "Causing Controversy"
Regarding Rep. Kwak Sang-do's Son Receiving 5 Billion Won Severance Pay
"Basic Severance Pay is 500 Million Won... There is Also Industrial Accident Compensation"

Kim Man-bae, the largest shareholder of Hwacheon Daeyu, who has been suspected of receiving special favors during the development process of Daejang-dong in Seongnam-si, Gyeonggi-do, is appearing at the Yongsan Police Station in Seoul on the 27th for investigation. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jeong Dong-hoon] Kim Man-bae, the largest shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), which is suspected of receiving various special favors in the Daejang-dong district development project in Seongnam-si, Gyeonggi Province, appeared at the Yongsan Police Station in Seoul on the 27th as a person of reference.

Kim is suspected of breach of trust and embezzlement, including borrowing 47.3 billion won from Hwacheon Daeyu under the name of long-term loans and not repaying it. The police are expected to question Kim about the purpose of the fund usage.

Hwacheon Daeyu is intertwined with major figures in politics and the legal community through employment relationships. It has formed a legal advisory group including about 30 major legal figures, and there are suspicions that the son of independent lawmaker Kwak Sang-do (former member of the People Power Party) worked for about seven years and received a retirement payment amounting to 5 billion won. Various suspicions also follow Lee Jae-myung, Governor of Gyeonggi Province, who designed and approved the project. Former Liberty Korea Party lawmaker Won Yoo-chul also served as an advisor.

Below is a Q&A between Kim entering the Yongsan Police Station and the press.

-Various suspicions are emerging around Hwacheon Daeyu.

▲There was nothing illegal. I will sincerely explain during the police investigation.

-Lawmaker Kwak Sang-do’s son received 5 billion won as retirement pay. Is there any quid pro quo?

▲Our basic retirement pay is 500 million won. Since the company had achievements, retirement pay is decided through the board of directors or executive meetings for those with achievements. Kwak lawmaker’s son has not resigned yet. Due to privacy, it is difficult to disclose details, but Kwak lawmaker’s son suffered an industrial accident. Unless Kwak lawmaker’s son responds, it is difficult to say more.

-There is a view that this is the Daejang-dong gate or a political gate.

▲Citizens are concerned, but there is absolutely nothing like that.

-Where was the money borrowed from the company used?

▲I will explain during the police investigation.

-Is there any quid pro quo regarding the legal advisory group?

▲There was no quid pro quo. They are people who serve as good role models mentally. We invited those who gave a lot of psychological advice, and I apologize for unintentionally causing them to be involved in controversy.

-Last year, there was intensive cash withdrawal coinciding with the general election. There are suspicions of connection with the political circle.

▲I heard from a reporter too, but I think writing articles is free. There is no such thing. Writing articles is free, but responsibility must also be taken.

-Where was the company money used and what is the repayment plan?

▲The borrowed money was used for company operating expenses. It will be settled sequentially.

-The 'Cheonhwa Dongin' investors who invested in the Daejang-dong district development are disappearing. Are you contacting them?

▲Those related to Hwacheon Daeyu are nearby, and other investors are not people who need to be managed.

-There are reports that you directly ordered the 5 billion won retirement pay to Kwak lawmaker’s son.

▲I will go in now and explain.