Hong Sun-geun, chairman of MoneyToday, who was indicted on charges of borrowing tens of billions of won from private developer Kim Man-bae in the Daejang-dong case and having interest in the 10 million won range waived, was also sentenced on appeal to a fine of 15 million won.
The Seoul Central District Court Criminal Appeals Division 5-2 (Presiding Judges Director General Kim Yong-jung, Kim Ji-seon, and So Byung-jin) on the 21st sentenced Hong to a fine of 15 million won and ordered the forfeiture of 14.54 million won in the sentencing hearing on charges of violating the Improper Solicitation and Graft Act. Kim, who was indicted alongside him, was also fined 15 million won.
The court said, "Considering the amount in this case, the circumstances, and the details, the sentence of the lower court does not appear unjust," and dismissed the prosecutor's appeal.
Hong was identified as a party to the so-called "5 billion won club." The "5 billion won club" refers to legal professionals, politicians, and journalists who received or were to receive large sums under the pretext of lobbying from private developers in the Daejang-dong case. In Oct. 2019, Hong borrowed 5 billion won under the names of a spouse and a son from Kim, who was then a MoneyToday reporter, and was indicted in Aug. last year on charges of repaying only the principal in Jan. the following year.
Prosecutors determined that the agreed interest of 14.54 million won that Hong had waived constituted valuables received from Kim.
In the first trial on Jan. the court said, "In light of the fact that it could undermine trust in the press, the culpability is not light," and sentenced Hong and Kim to a fine of 15 million won.