▲ Kwak Sang-do, a former lawmaker, leaves the Seoul District Court on Nov. 30, 2022. (Yonhap)

ex-lawmaker-bribery

Prosecution seeks 15-yr prison term for ex-lawmaker over alleged graft

By Kim Han-joo

SEOUL, Nov. 30 (Yonhap) -- Prosecutors on Wednesday sought a 15-year prison term for a former lawmaker on charges of receiving a large amount of bribes from a land developer at the center of a massive development corruption scandal.

Kwak Sang-do was indicted on charges of taking 5 billion won (US$3.8 million) from an asset management firm, Hwacheon Daeyu Asset Management, in the form of severance pay for his son who worked at the firm. The actual amount was 2.5 billion won after deducting tax.

In return, Kwak allegedly helped the asset firm form a consortium with KEB-Hana Bank for the project to develop the Daejang-dong district in Seongnam, just south of Seoul, into an apartment complex and collect astronomical profits.

In the latest hearing held at the Seoul District Court, prosecutors also asked the court to deliver a fine of 5 billion won and a forfeiture of 2.5 billion won.

"Kwak is the corruption axis at the center of the Daejang-dong corruption case," a prosecutor said during the hearing, adding the amount of the bribe is unprecedented for a sitting lawmaker to take.

Kwak, who has denied the charges, said the prosecution did not present a single piece of direct evidence.

Prosecutors have expanded their investigation into the scandal-ridden land development project, possibly targeting opposition leader Lee Jae-myung.

The scandal centers on the allegations that a small number of unheard-of private asset management companies, including Hwacheon Daeyu, were allowed to reap astronomical investment profits from a real estate development project in the Daejang-dong district in 2015, when Lee was the city's mayor.

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