Hong Seongeun, Money Today Chairman Linked to "Daejang-dong 5 Billion Club," Fined Again in Appeal Trial

Second Trial: 15 Million Won Fine and 14.54 Million Won Forfeiture
Kim Manbae, Daejang-dong Private Developer, Also Fined 15 Million Won

Hong Seongeun, chairman of Money Today and a so-called member of the "5 Billion Club" accused of receiving money from developers involved in the Daejang-dong project, is seen heading to the courtroom after attending the first hearing of the first trial held on November 29 last year at the Seoul Central District Court in Seocho-gu, Seoul. Photo by Yonhap News

Hong Seongeun, chairman of Money Today, who was indicted for borrowing 5 billion won from private Daejang-dong developer Kim Manbae and being exempted from paying interest of over 10 million won, was again sentenced to a fine in the appellate trial.

The Criminal Appellate Division 5-2 of the Seoul Central District Court (Presiding Judges Kim Yongjung, Kim Jiseon, and So Byungjin) sentenced Hong to a fine of 15 million won and ordered the forfeiture of 14.54 million won at the sentencing hearing on November 21 for violating the Improper Solicitation and Graft Act. Kim, who was indicted alongside Hong, also received a fine of 15 million won.

The court stated, "Considering the amount involved, the circumstances, and the details of the case, the sentence handed down by the lower court does not appear to be unjust," and dismissed the prosecutor's appeal.

Hong has been identified as a member of the so-called "5 Billion Club," a group of legal professionals, politicians, and journalists who allegedly received or were promised large sums in lobbying funds from Kim, a former journalist, as well as lawyer Nam Wook and accountant Jung Younghak, all key figures in the Daejang-dong case.

In October 2019, Hong borrowed 5 billion won from Kim under the names of his spouse and son, and repaid only the principal in January of the following year. He was indicted in August last year on these charges. Prosecutors regarded the 14.54 million won in waived contractual interest as a bribe from Kim and charged Hong with violating the Improper Solicitation and Graft Act.

In the first trial, the court stated, "Given that this could undermine public trust in the media, the offense is not minor," and sentenced both Hong and Kim to a fine of 15 million won.

This content was produced with the assistance of AI translation services.