Arrest Warrant Denied for Key Figure in the Seongnam Land Development Scandal

Just think former President Park was impeached and jailed for far less and the police can’t even get an arrest warrant for this guy that cheated the Seongnam government out of $92 million:

A Seoul court on Thursday rejected an arrest warrant for a key suspect at the center of a snowballing regional development corruption scandal, dealing a blow to the investigation into the case that has become the hottest topic in South Korean politics.

The Seoul Central District Court denied the prosecution’s request to arrest Kim Man-bae, owner of an asset management firm, Hwacheon Daeyu Asset Management, on bribery and other charges, citing an insufficient explanation of the need to detain him.

Kim, a former journalist, has been under investigation in connection with how his previously little-known firm reaped massive profits from a 2015 project to develop the Daejang-dong district in the city of Seongnam, south of Seoul, into apartment complexes.

The former journalist allegedly colluded with Yoo Dong-gyu, then acting president of Seongnam Development Corp. in charge of the project, to engineer a contract between the two sides to remove a clause limiting the amount of profits that the firm could take from the project.

Prosecutors alleged that Kim caused more than 110 billion won (US$92 million) of losses to the Seongnam city government by removing the clause. He was also accused of giving Yoo 500 million won as part of a deal to pay him a total of 70 billion won.

Yoo is considered a close aide to Gyeonggi Gov. Lee Jae-myung, the ruling party’s presidential nominee, and Lee served as Seongnam mayor from 2010-2018. Kim also interviewed Lee seven months before setting up his asset firm.

Yonhap

You can read more at the link.