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Prosecutors reclaim Kwak Sang-do’s arrest warrant, adding violation of the Political Funds Act

Prosecutors once again requested an arrest warrant for former lawmaker Kwak Sang-do, a former member of the People’s Power, who is suspected of taking bribes through his son in return for the convenience of developers in Daejang-dong.

The Seoul Central District Prosecutor’s Office’s dedicated investigation team requested an arrest warrant for Kwak this afternoon on charges of bribery under the Specific Crimes Aggravated Punishment Act, mediation under the Specific Economic Crimes Act, and violation of the Political Funds Act.

Former Rep. Kwak is accused of taking 2.5 billion won from Hwacheon Daeyu, excluding taxes, for his son’s severance pay in return for helping to form a consortium between Hwacheon Daeyu, a developer of Daejang-dong, and Hana Bank.

When the Hwacheon Daeyu-Hana Bank consortium was on the verge of bankruptcy, the prosecution applied charges of bribery and arbitration, seeing that former lawmaker Kwak exerted influence on Hana Financial Group at the request of his college junior, Kim Man-bae, a major shareholder of Hwacheon Daeyu.

Prosecutors also secured the circumstance that former lawmaker Kwak received 50 million won from Attorney Nam-wook, the owner of Cheonhwa-dong No. 4, around the time of the 2016 general election in his 20s, and added charges of violating the Political Funds Act to the warrant.

However, during the prosecution’s investigation, lawyer Nam is known to have explained, “When I was being investigated by the Suwon District Prosecutors’ Office for corruption in Daejang-dong in 2015, former lawmaker Kwak paid money in exchange for helping with the defense.”

Former Rep. Kwak also said in a statement today, “It is true that I received money from a male lawyer, but at the time, it was the price for my lawyer’s work, such as consulting about eight times related to the investigation, and I received the money on March 1, 2016, not after the general election.” explained that.

Previously, the prosecution requested an arrest warrant for Kwak only on the charge of mediation, but the court dismissed it on the 1st of last month, saying there was a dispute over whether a crime was established.

The interrogation of the suspect before the arrest of former lawmaker Kwak is scheduled to be held the morning after the hearing by the Seoul Central District Court’s chief judge Moon Seong-gwan.

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