SUWON, South Korea - Kim Man-bae, the principal shareholder in the controversial Daejang-dong property development, was sentenced to 2 1/2 years in prison by the Suwon District Court on Wednesday for bribery charges. Kim was convicted of offering bribes totaling 80 million won (approximately US$59,900) to Choi Yoon-gil, the former Chairman of the Seongnam City Council, to secure support for the Seongnam Development Corp. ordinance, crucial for the project's advancement. Choi received a 4 1/2-year prison sentence for his role in the scheme.
According to Yonhap News Agency, Kim aimed to influence the legislative process in favor of the development project by hiring Choi in a high-ranking position within Hwacheon Daeyu Asset Management and promising substantial financial rewards upon the project's completion. The court's decision comes two years after the indictment of the two figures in February 2022, highlighting their involvement in the broader corruption scandal surrounding the Daejang-dong development. Despite the convictions, immediate detention for Kim and Choi was not ordered, with the court citing their consistent trial attendance and low risk of evidence tampering as factors.