"5 Billion Club" Money Today Chairman Hong Sun-geun fined 15 million won in the first trial.

Money Today Chairman Hong Sun-geun, who was put on trial for borrowing billions of won from private businessman Kim Man-bae in Daejang-dong and exempting interest in the 10 million won range, was fined in the first trial.

The Seoul Central District Court today (8th) sentenced Chairman Hong to a fine of 15 million won for violating the law on the prohibition of illegal solicitation and receipt of money and other goods.

Kim Man-bae, the majority shareholder of Hwacheon Daeyu Asset Management, who was also handed over to trial, was also fined 15 million won.

The court found that the crime was not light in that it could break the trust of the media, saying that it found all the charges guilty when combining the confession evidence.

However, he explained that the transaction between the two seemed to have been a personal close relationship and considered the attitude of reflection.

Chairman Hong is accused of borrowing 5 billion won in the name of his spouse and son from Kim, who was a junior at a media company, in October 2019 and paying back only the principal three months later.

Previously, the prosecution believed that Chairman Hong received money and valuables by exempting about 14 million won in pre-arranged interest, and demanded six months in prison for Chairman Hong and Kim.

Chairman Hong was one of the people who was designated as Daejang-dong's 5 billion club, and Kim was suspected of promising to distribute development profits in Daejang-dong.