[Column] Lee Seung-gi's 5 Billion Won and Kwak Byung-chae's 5 Billion Won

[Asia Economy Reporter Kim Hyung-min] Recently, we encountered two very different stories about 'the man with 5 billion won.' Lee Seung-gi and Kwak Byung-chae. The 5 billion won associated with singer and actor Lee Seung-gi feels warm. In contrast, the 5 billion won linked to Kwak Sang-do's son, Byung-chae, feels cold and even repulsive. This is because public perception of the two men's 5 billion won is worlds apart.

Lee Seung-gi received about 5 billion won in music royalties that had not been settled for 18 years after a dispute with his former agency, Hook Entertainment. The exact amount is reported to be around 4.1 billion won. When this money was deposited into his bank account on December 16 last year, Lee immediately began a relay of donations. He generously donated 2 billion won to Seoul National University Children's Hospital, 550 million won to the Korean Red Cross, and 300 million won to KAIST. The total came to 2.85 billion won. Lee plans to donate the remaining money as well and is continuously looking for appropriate donation destinations. He said, "For those who are physically disabled and have difficulty moving, friends who give up their dreams due to circumstances, 5 billion won may not be enough to help all of them. But I will start by taking small steps into action."

On the other hand, Kwak Byung-chae received 5 billion won (about 2.5 billion won after taxes and other deductions) as severance pay and bonuses when he left Hwacheon Daeyu Asset Management (Hwacheon Daeyu) in April 2021. Kwak Sang-do, the former lawmaker, who was indicted over this matter, was acquitted in the first trial. The prosecution judged that Hwacheon Daeyu gave bribes to the former lawmaker through Kwak Byung-chae, but the court ruled that this 5 billion won was "difficult to see as money given in connection with mediation or as a reward for something." The court only added that "5 billion won was unusually excessive by social standards." After the verdict, criticism poured in. Many question whether Kwak Byung-chae would have received 5 billion won if he were not the son of the former lawmaker.

The stories of these two men's 5 billion won are vastly different, leaving a bitter taste. Our awareness regarding money has increased. Malicious intent can no longer be easily concealed, and avoiding punishment has become even more difficult. There is still a possibility that the verdict may change in the second trial. Just as Lee Seung-gi's 5 billion won was met with public sympathy and applause, there should be a verdict regarding Kwak Byung-chae's 5 billion won that also earns the public's understanding and approval.