Kwak Sang-do, a former lawmaker charged with helping the Daejang-dong development project and accepting bribes, will be released on bail today (8th).
The 22nd Criminal Settlement of the Seoul Central District Court today accepted Kwak's bail application.
Former Rep. Kwak is expected to be released from the Seoul Detention Center this afternoon.
Former lawmaker Kwak was arrested and charged with suspicion of lobbying and preferential treatment for the Daejang-dong development project in February.
The court said, "We have completed the interrogation of the main witnesses," and "There is a considerable reason to grant bail, considering all circumstances such as guarantee of attendance and prevention of destruction of evidence that can be expected as a condition of bail."
As a condition of bail, the court allowed former lawmaker Kwak to pay a deposit of 300 million won, of which 250 million won could be replaced with a bail guarantee insurance policy.
Rep. Kwak's residence was restricted and the condition was that he must obtain permission from the court in advance if there is a need to change it.
In return for helping Hwacheon Daeyu Asset Management, which participated in the Daejang-dong project in 2015, to form a consortium with Hana Bank, Kwak paid 2.5 billion won (tax-imposed) at the end of April last year through his son Byeong-chae, who worked for Hwacheon Daeyu. I'm on trial for stealing 5 billion won).
(Photo = Yonhap News)