Prosecutor conducted a search and seizure on the home of former lawmaker Kwak Sang-do as well as the headquarters of Hana Bank on the 17th in connection with the investigation of Daejang-dong scandal.
According to the prosecution, the Seoul Central District Prosecutors' Office dedicated investigation team (Team leader Kim Tae-hoon, 4th deputy prosecutor) visited Kwak's residence and his office earlier in the day to collect evidence. Former lawmaker Kwak is accused of helping Hwacheon Daeyu Asset Management, which orchestrated the Daejang-dong development project. The alleged company hired Kwak's son and granted him 5 billion won in the form of severance pay.
The prosecution also conducted a search and seizure of the Hana Bank, which was involved in the Hwacheon Daeyu Consortium. The bank is also suspected of receiving an additional 10 billion won in addition to the agreed fee from the developer Seongnam Garden. The bank is known to receive an additional 10 billion won in January 2019 after receiving 20 billion won as a project management fee from Seongnam Garden in 2018.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
