[Asia Economy Reporter Gong Byung-sun] Former National Assembly member Kwak Sang-do stated that he was unaware that his son, Byeong-chae, received a pre-tax retirement payment of 5 billion KRW from Hwacheon Daeyu Asset Management (Hwacheon Daeyu).
On the 6th, former lawmaker Kwak testified to this effect during the trial of Hwacheon Daeyu major shareholder Kim Man-bae and lawyer Nam Wook, held at the Seoul Central District Court Criminal Division 22 (Presiding Judge Lee Jun-cheol). On that day, Kwak appeared in court as a witness, not as a defendant, after taking an oath.
During the prosecution's main questioning, Kwak was asked if he had heard anything about Byeong-chae’s performance bonus or retirement payment. Kwak replied, "I never heard anything from my son, nor from Kim Man-bae or anyone else at Hwacheon Daeyu."
The prosecution pointed out, "Byeong-chae joined Hwacheon Daeyu through an introduction by Kim Man-bae, whom he barely knew, following a suggestion from former lawmaker Kwak. His assigned duties were unrelated to his major, yet he received a pre-tax retirement payment of 5 billion KRW, an amount unimaginable for an ordinary person. Naturally, he would have shared this fact with his father, former lawmaker Kwak."
In response to the prosecution's assertion, Kwak said he learned in court why Kim Man-bae set the retirement payment at that amount, and that he never heard or asked about what Byeong-chae did at the company or how he was doing.
Kwak is accused of receiving 5 billion KRW (2.5 billion KRW after tax) in April last year through his son Byeong-chae as a reward for helping Hwacheon Daeyu form a consortium (Seongnam’s Tteul Consortium) with Hana Bank in 2015, under charges of bribery under the Act on the Aggravated Punishment of Specific Crimes.
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