Gwak Sang-do, Released on Bail in 'Son's 5 Billion Won Retirement Pay' Case

[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] Former People Power Party lawmaker Kwak Sang-do (63), who was indicted on charges of favoring developers of the Daejang-dong project and receiving bribes through his son, will stand trial while out on bail.

On the 8th, the 22nd Criminal Division of the Seoul Central District Court (Presiding Judge Lee Joon-cheol) accepted Kwak’s bail request. He is expected to be released from Seoul Detention Center that afternoon. The court explained, "The examination of key witnesses has been completed," and added, "Considering all circumstances such as ensuring attendance and preventing evidence tampering under bail conditions, there is sufficient reason to grant bail."

Under the bail conditions, Kwak must pay a deposit of 300 million KRW. Restrictions on residence and prior approval for any changes were also imposed. Additionally, he must submit a pledge to appear at the court at designated times and locations and not to tamper with evidence. Permission must be obtained before traveling abroad. He is also prohibited from contacting individuals recognized as having knowledge of facts necessary for the trial.

Earlier, at the trial on the 27th of last month, Kwak’s defense attorney appealed, stating, "Through the evidence investigation conducted so far, it has been sufficiently proven that the prosecution’s claims are nothing more than baseless allegations." Kwak himself said, "I have done nothing wrong, yet I have been detained for 174 days," adding, "I feel like vomiting blood."

Kwak was brought to trial on charges of exerting influence on Hana Financial Group at the request of Mr. Kim when the Hana Bank consortium, which Hwacheon Daeyu participated in during the early stages of the Daejang-dong development project in 2015, was on the verge of collapse. The prosecution’s view is that in return, his son Byung-chae, who worked at Hwacheon Daeyu for over six years, received 5 billion KRW as severance pay and about 500 million KRW in existing loans.

He is also charged with receiving 50 million KRW in illegal political funds from lawyer Nam in 2016, when he was elected as a member of the National Assembly in the 20th general election.