Revealing Scandal: Advisory Fee Demands and Real Estate Promises in the ‘5 Billion Club’ Case

2023-07-02 18:00:00

“Advisory fee-commercial profit demanded 10 billion each, and real estate for detached houses was also promised”

It is known that the prosecution’s request for an arrest warrant for former special prosecutor Park Young-soo, a key figure in the so-called ‘5 billion club’ allegations, said that former special prosecutor Park demanded “a payment in a stable and certain way.”

According to the legal community on the 2nd, the Seoul Central District Prosecutor’s Office’s Anti-Corruption Investigation Division 1 (Chief Prosecutor Eom Hee-joon) said that Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), “handed over his stake in the Daejang-dong project and received 20 billion won in exchange for Woori Bank’s participation in the Daejang-dong consortium.” I will give it to you,” he said in the warrant request. However, former Special Prosecutor Park is said to have demanded, “Please make it possible to receive compensation in a stable and certain way, rather than a method of equity participation in which the generation of profits is uncertain.” As a result, it was reported that former special prosecutor Park was promised 10 billion won, equivalent to regarding 1% of the land compensation value in Daejang-dong, in the name of an advisory fee for land compensation in Daejang-dong. It is known that the remaining 10 billion won will be shared with the profits from the Daejang-dong shopping center.

In addition, it was investigated that former Special Prosecutor Park conveyed requests such as “I want to live in a detached house in my old age” to the Daejang-dong gang through former Special Prosecutor Yang Jae-sik. Afterwards, it is said that former special prosecutor Park was promised 150 pyeong (approximately 495 m2) of the Daejang-dong project site and a house, and former special prosecutor Yang was promised a site of 100 pyeong (approximately 330 m2) and a house. However, former Special Prosecutor Park denied the allegation, saying, “The truth will soon be revealed,” when he appeared at the court for a warrant review on the 29th of last month. The court also dismissed the warrant, saying, “There is room for dispute over whether the money or valuables were actually received and whether the promise to provide money or valuables was established.”

Meanwhile, the Seoul Bar Association recently applied to the Korean Bar Association to initiate disciplinary proceedings once morest Mr. Lee, a lawyer who made Mr. Kim, a ‘fake fisherman’, write a false fact confirmation. Lee, who has a relationship with former special prosecutor Park, is known to have made Kim write a false confirmation saying, “I lent a Porsche to former special prosecutor Park and received 2.5 million won in rent.”

Reporter Koo Min-ki [email protected]
Reporter Yu Won-mo [email protected]

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