Kim Man-bae, accused of defaming Yoon, requests bail from the court

Three Arrests Over 3 Years
Detention Period Until January Next Year

Kim Man-bae, the major shareholder of Hwacheon Daeyu who was indicted and detained for false reports defaming President Yoon Suk-yeol, has requested the court to allow him to stand trial without detention.

Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, who is accused of defaming President Yoon Seok-yeol, is heading to the courtroom to attend the warrant hearing held at the Seoul Central District Court in Seocho-gu, Seoul, on the morning of June 20. (Photo by Yonhap News)

According to the legal community on the 2nd, Kim submitted a bail petition to the Seoul Central District Court Criminal Division 21 (Chief Judge Heo Kyung-moo) on the 31st of last month.

Kim was indicted on July 8 for defaming President Yoon during the last presidential election phase through false reports related to the Busan Savings Bank investigation, and for giving 165 million won to former Media Union Chairman Shin Hak-rim as a reward (defamation under the Information and Communications Network Act).

Under the Criminal Procedure Act, the maximum detention period for a defendant indicted while detained is six months, so Kim’s detention period lasts until January next year.

Kim, a key figure in the Daejang-dong development project corruption allegations, has been detained three times over three years. He was first detained in November 2021 on charges including breach of trust for pushing the Daejang-dong development project to benefit Hwacheon Daeyu and causing losses to Seongnam Urban Development Corporation. After serving one year in detention due to additional indictments by the prosecution, he was released.

Three months after his release, in February last year, he was detained again on charges of hiding 39 billion won in criminal proceeds earned from the Daejang-dong project and was released in September of the same year upon expiration of the detention period. Subsequently, Kim was detained for the third time in connection with the presidential election interference and public opinion manipulation case.