▲ The logo of the Hankyoreh newspaper is seen in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)
▲ In this file photo, Kim Man-bae, one of the key suspects in the nation-rocking land development scandal allegedly involving Lee Jae-myung, the head of the ruling Democratic Party, arrives at the Seoul Central District Prosecutors Office in southern Seoul for questioning about the scandal on Jan. 9, 2023. (Yonhap)

development scandal-newspaper

Hankyoreh says ex-reporter's transaction with key figure in development scandal was 'irregular'

SEOUL, Jan. 20 (Yonhap) -- A former senior reporter of the Hankyoreh newspaper pursued economic gain through an "irregular" financial trade with a key culprit in a high-profile development scandal, the newspaper said Friday.

The reporter, who has remained unnamed so far, was dismissed from the company early last week for borrowing a total of 900 million won (US$722,311) to buy a house from Kim Man-bae, who is standing trial in connection with the apartment development project in the city of Seongnam, in 2019.

The disgraced journalist "pursued financial gains through an irregular money transaction," Hankyoreh said in a notice announcing the interim result of its internal probe into the case. The notice was published on the second page of the newspaper for the day.

"It was a financial transaction difficult to understand, because he did not write a promissory note, provide collateral or make any clear promise on the interest," the daily said.

The newspaper pointed out it would have been difficult for the former reporter to apply for the new apartment without the money from Kim because no intermediate loan was allowed for new apartments priced more than 900 million won at that time.

It then vowed to transparently unveil all details of the probe when it is over.

Kim, the key culprit, is the largest shareholder of Hwacheon Daeyu, an asset management company at the center of the highly lucrative project.

He was indicted in 2021, along with his accomplices, on charges that include bribery, embezzlement and breach of trust. Two close confidants of Lee Jae-myung, leader of the main opposition Democratic Party, were also indicted late last year for taking bribes from them.

The improper money trade involving its former reporter led to turmoil at the newspaper with its editor-in-chief resigning to take responsibility and president vowing to follow suit as soon as candidates for his successor are picked next month.

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