The prosecution will soon indict Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, on charges of 'concealing criminal proceeds.' This is because Kim's detention period expires on the 9th.
According to the legal community on the 8th, the Anti-Corruption Investigation Division 1 (Chief Prosecutor Eom Hee-jun) and Division 3 (Chief Prosecutor Kang Baek-shin) of the Seoul Central District Prosecutors' Office plan to indict Kim on charges such as instructing the destruction and concealment of evidence before the 9th and continue related investigations.
Kim has been under investigation while detained on charges of withdrawing 34 billion KRW in criminal proceeds related to the Daejang-dong development project in checks from 2021 until last year, concealing them, and instructing an acquaintance to burn his mobile phone to destroy evidence. In December last year, after a court's provisional seizure order was issued, he is also accused of having an alumnus hide approximately 14.2 billion KRW in checks.
On the last day before Kim's indictment, the prosecution is expected to summon him and focus all efforts on clarifying the suspicion of a 42.8 billion KRW agreement. The allegation is that Kim promised to transfer a 42.8 billion KRW stake in Cheonhadongin No. 1 to Lee Jae-myung, then mayor of Seongnam and current leader of the Democratic Party, in exchange for facilitating the Daejang-dong development project. The prosecution has investigated Lee as the de facto owner of Cheonhadongin No. 1 based on testimonies from former Seongnam Urban Development Corporation director Yoo Dong-gyu and others involved in Daejang-dong, as well as a recording by accountant Jung Young-hak in which Kim reportedly said, "(Half of the Cheonhadongin No. 1 stake) belongs to that person." If this is proven true, the prosecution could indict Lee not only for breach of trust related to the Daejang-dong development corruption case but also for bribery. However, Kim continues to deny the allegation, claiming all Cheonhadongin No. 1 shares belong to him, making the prosecution's investigation likely to face difficulties at present.
Kim's testimony is crucial as it could determine whether the 42.8 billion KRW agreement allegation is included in Lee's indictment. The prosecution is reportedly considering indicting Lee without detention within this month in connection with the Wirye and Daejang-dong development corruption cases and the Seongnam FC sponsorship fund case. However, it appears they have yet to find clues to clarify the 42.8 billion KRW agreement suspicion. When Lee's arrest warrant was previously requested, the prosecution reportedly failed to specify that Lee promised to receive 42.8 billion KRW from Kim or that he was the actual owner of 'Cheonhadongin No. 1.' After the National Assembly rejected the motion to consent to Lee's arrest on the 27th of last month, the prosecution has been conducting supplementary investigations. If Kim admits the 42.8 billion KRW agreement suspicion as true, revealing Lee as the owner of Cheonhadongin No. 1, the prosecution's investigation is expected to accelerate.
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