Resumption Expected After Mid-January Next Year
[Asia Economy Reporter Lim Chun-han] The trial has been postponed again as the treatment of Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), who recently attempted an extreme act, has been prolonged.
According to the legal community on the 21st, Kim's side submitted a medical certificate stating that "4 weeks of treatment are necessary" to the Criminal Division 22 of the Seoul Central District Court (Chief Judge Lee Jun-cheol), which is handling the embezzlement charges related to the Daejang-dong development project. Previously, the court postponed the trials on the 16th and 19th and also canceled the trial scheduled for the 23rd. No new trial date has been set.
Kim attempted an extreme act on the 14th and is currently recovering after surgery, but is still reported to be in a critical condition. With the court's winter recess starting from the 26th for two weeks, the Daejang-dong case trial is expected to resume only after mid-January next year. Depending on Kim's condition, the trial may be further delayed.
Kim is on trial for charges including breach of trust under the Specific Economic Crimes Act, accused of conspiring with former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu and private businessmen Nam Wook and Jung Young-hak to divert at least approximately 65.1 billion won in land development dividends and implementation profits to the private sector, causing losses to the corporation. Kim was indicted in custody last November but was released on bail on the 24th of last month due to the expiration of the detention period and has been undergoing trial without detention.
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