Composer Kim Hyung-seok "Severance Pay Unmanageable, Deputy Position Likely to Disappear"... Kwak Sang-do's Son 'Publicly Targets'

Assemblyman Kwak's Son Receives 5 Billion KRW Retirement Pay from 'Hwacheon Daeyu'
Lee Jae-myung Suspects "Bribery with Quid Pro Quo"

Composer Kim Hyung-seok.
Photo by SBS

[Asia Economy Reporter Na Ye-eun] Amid controversy over the fact that Gwak Sang-do, an independent (former People Power Party) lawmaker's son, received 5 billion KRW as severance pay from Hwacheon Daeyu Asset Management (Hwacheon Daeyu), composer Kim Hyung-seok indirectly criticized this.

On the 26th, Kim posted a brief message on his social media (SNS) saying, "The assistant manager position seems to be disappearing. Can't afford severance pay."

Kim is a composer who has participated in album productions for Lee Moon-sae, Lim Jae-beom, Shin Seung-hun, Park Jin-young, Sung Si-kyung, IU, and others, creating numerous hit songs. In 2017, he produced the presidential tribute song "Mr. President" for President Moon Jae-in, making him a prominent 'pro-Moon' figure in the entertainment industry.

On the 26th, composer Kim Hyung-seok posted a short message on his Twitter.
/Photo by Kim Hyung-seok on Twitter capture

Kim's remark is interpreted as a sarcastic comment on Gwak's son, who worked as an assistant manager at Hwacheon Daeyu and received 5 billion KRW as severance pay upon resignation.

According to political circles and Hwacheon Daeyu, Gwak's son received a monthly salary of approximately 2.3 to 3.8 million KRW before tax at Hwacheon Daeyu, and upon leaving, he received 5 billion KRW under the titles of performance bonus, consolation money, and severance pay. The actual amount received after tax was reported to be 2.8 billion KRW.

Lee Jae-myung, Governor of Gyeonggi Province and former mayor of Seongnam City during the Daejang-dong development project, pointed out that "The 5 billion KRW is suspected to be part of a bribe from the Park Geun-hye administration and the People Power Party in exchange for blocking Seongnam City's public development."

On the 26th, son Mr. Kwak released a statement through the Facebook of his father, Assemblyman Kwak.
Photo by Assemblyman Kwak's Facebook capture

As the controversy grew, Gwak's son posted a statement on Gwak's Facebook on the 26th, saying, "I am merely a pawn in a meticulously designed Squid Game."

He explained, "When I joined, Hwacheon Daeyu was already fully set up. Looking back, from the designer's perspective, I was a very faithful pawn," adding, "Once while driving, and another time at the company, I collapsed and was taken to the hospital by colleagues. I worked hard, was recognized, got injured, and earned a lot of money."

He further questioned, "Is the essence of the Daejang-dong incident a problem with the design that allowed billions to be made? Or is it an issue with an individual who worked hard within it?"

Meanwhile, Gwak Sang-do abruptly left the party on the 26th after media reports surfaced that his son received 5 billion KRW as severance pay from Hwacheon Daeyu, intensifying the controversy.

Hwacheon Daeyu stated in a phone interview with KBS, "The 5 billion KRW given to Gwak's son included severance pay and performance bonuses, but it was largely in the nature of industrial accident consolation money."