[Breaking] Court Issues Arrest Warrant for Kim Man-bae on 'Concealing Criminal Proceeds'... "Risk of Evidence Tampering and Flight"

[Asia Economy Reporter Choi Seok-jin, Legal Affairs Specialist] Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), a private developer of Daejang-dong, was re-arrested on the 18th.

Kim Jung-min, the chief judge in charge of the warrant review at the Seoul Central District Court, said, "Considering the nature and characteristics of the crime, as well as the relationships between the suspect and related parties, there is a risk of evidence destruction and flight," and issued an arrest warrant for Kim at around 1:40 a.m. on the 18th on charges including concealment of criminal proceeds and obstruction of evidence, as requested by the prosecution.

With the prosecution securing Kim's custody again, the investigation into the flow of funds related to Daejang-dong, such as hidden profits or the usage of withdrawn funds, is expected to gain momentum.

Additionally, the prosecution's investigation into other members of the '50 Billion Club,' excluding Lee Jae-myung, leader of the Democratic Party of Korea, and former People Power Party lawmaker Kwak Sang-do, is also expected to accelerate.