KIM MAN-BAE & NAM WOOK INDICTED

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The prosecution investigating the Seongnam land development scandal indicted today Kim Man-bae, the largest shareholder of asset management firm Hwacheondaeyu, and Nam Wook, the real owner of Cheonhwadongin Number 4. The prosecution summoned these two men and other key figures alleged involved in the scandal yesterday to question them for the last time.

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Kim Man-bae, the largest shareholder of Hwacheondaeyu, and Nam Wook, the real owner of Cheonhwadongin Number 4, were arrested on November 4th. After an extension, Monday is the last day they can be detained. The investigation team at the Seoul Central District Prosecutors’ Office looking into the Seongnam land development scandal indicted the two men within Monday. On Sunday, the prosecutors summoned both men for last-minute questioning. The two men are accused of conspiring with former Seongnam Development Corporation acting president Yoo Dong-kyu to organize the development project in a way that could benefit Hwacheondaeyu and inflicting great loss to the Corporation. The prosecution estimates the loss to be at least 65.1 billion won. While the project was underway, Kim Man-bae allegedly gave 500 million won out of the promised 70 billion won and Nam Wook gave 3.5 billion won to Jeong Min-yong, a former SDC executive. As key figures in the scandal are indicted, it remains to be seen whether the prosecution can further look into the so-called ‘KRW 5 Bn Club.” On November 17th the prosecution searched former lawmaker Kwak Sang-do’s residence and the main office of Hana Bank. Once the seized items are analyzed, the prosecution will likely summon the former opposition party representative for questioning. Meanwhile, the trial of former SDC acting president Yoo Dong-kyu will start this week.