Prosecutors Summon Kim Man-bae... Finalizing Charges Before Investigating Lee Jae-myung

[Asia Economy Reporter Kim Hyung-min] The prosecution investigating allegations of corruption in the Daejang-dong development project summoned Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, on the 18th. This appears to be an effort to supplement Kim's testimony in preparation for summoning Lee Jae-myung, the leader of the Democratic Party of Korea.

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) summoned Kim in the morning. The division is primarily investigating Kim's alleged concealment of criminal proceeds.

Kim Man-bae [Image source=Yonhap News]

The prosecution is reportedly questioning Kim about how he used the profits from the Daejang-dong development and whether he promised to give 42.8 billion KRW from the profits of Cheonhwa-dongin No. 1 to Jeong Jin-sang, former Political Coordination Officer of the Democratic Party leader’s office and a close aide to Lee, and Kim Yong, former Deputy Director of the Democratic Research Institute.

Previously, former Seongnam Urban Development Corporation Planning Director Yoo Dong-gyu and private contractors testified that from the outset of structuring the Daejang-dong project’s equity, a hidden share was set aside in Cheonhwa-dongin No. 1 for 'Lee’s side.'

However, Kim acknowledged the statement itself but claimed it was only to appease former Director Yoo and that there was no actual intention to make the payment.

Earlier, the prosecution notified Lee’s side to appear for questioning on the 27th. The summons was formally delivered the day before to the office of Park Gyun-taek, known to be Lee’s attorney. The prosecution is expected to verify all allegations raised against Lee, including breach of trust and violations of the Anti-Corruption Act. Lee’s attendance has not yet been decided.