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Key Figure in Favoritism Scandal Appears for Police Questioning

Written: 2021-09-27 11:48:37Updated: 2021-09-27 12:56:28

Key Figure in Favoritism Scandal Appears for Police Questioning

Photo : YONHAP News

The biggest shareholder of the asset management firm Hwacheon Daeyu, which is at the center of a favoritism scandal, appeared for questioning on Monday.

Kim Man-bae, who’s regarded to be a key figure in the latest scandal, appeared at the Seoul Yongsan Police Station as a witness. When asked by reporters if he received any help from the political sector, Kim said he hadn’t.

According to an audit report on the company posted on the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System in April, Kim borrowed 47-point-three billion won from the firm in long-term loans.

Kim said he spent the borrowed funds on operational costs, stressing that all details are in his accounts and that he’ll actively cooperate in police investigations.

On independent lawmaker Kwak Sang-do’s son reportedly receiving five billion won in severance pay from the company after working there for some six years, Kim said he had an industrial accident, declining to further elaborate due to privacy.

Hwacheon Daeyu took part in the development project in Seongnam's Daejang-dong when Gyeonggi Gov. Lee Jae-myung was mayor of the city. Allegations of preferential treatment have been raised after the firm was found to have collected considerable profits.

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