[Asia Economy Reporter Kim Hyung-min] The prosecution investigating the concealment of criminal proceeds by Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, is conducting a search and seizure of the residences of Hwacheon Daeyu executives and employees on the 19th.
The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) sent prosecutors and investigators to the residences of five Hwacheon Daeyu executives and employees on the same day to find materials related to criminal proceeds.
The prosecution suspects that Hwacheon Daeyu executives and employees were involved in concealing Kim's profits from the Daejang-dong development project.
Earlier, during the investigation of Lee Han-seong, co-CEO of Hwacheon Daeyu and a close associate of Kim, and Director Choi Woo-hyang (former Vice Chairman of Ssangbangwool Group), the prosecution discovered that Kim concealed criminal proceeds in officetels owned by acquaintances of Hwacheon Daeyu employees or in rented safe deposit boxes under borrowed names. Lee and Choi were arrested and indicted on charges of withdrawing 24.5 billion won in high-denomination checks several times from November 2021 to November last year under Kim's orders, then reissuing them as hundreds of small-denomination checks and hiding them in multiple rented safe deposit boxes and other locations.
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