[Asia Economy Reporter Kim Hyung-min] The prosecution has indicted close associates of Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), on charges of concealing profits from the Daejang-dong development project.
The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) on the 2nd arrested and indicted Lee Han-seong, co-CEO of Hwacheon Daeyu, and Choi Woo-hyang (former vice chairman of Ssangbangwool Group), a director, for violating the Act on the Regulation of Concealment of Crime Proceeds.
They are accused of withdrawing 24.5 billion KRW in proceeds from the Daejang-dong development project several times in high-denomination checks between November 2021 and November last year under Kim's instructions, then reissuing them into hundreds of small-denomination checks and hiding them in various places such as loan safes.
Choi is also accused of receiving 3 billion KRW, which Kim obtained from Hwacheon Daeyu as dividends around October last year, in the form of a loan and concealing it.
The prosecution believes they committed these crimes to prepare for seizure and recovery measures related to the confiscation of criminal proceeds following the Daejang-dong investigation. During the investigation, the prosecution reportedly found and seized physical checks worth approximately 14.8 billion KRW that they had withdrawn and hidden.
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