First Trial of Former Vice Mayor Yoo Jae-su on 'Bribery' Charges Postponed to 26th... Prosecutors' Request

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The first trial of Yoo Jae-soo (55), former Deputy Mayor for Economic Affairs of Busan City, who was indicted on charges including bribery during his tenure at the Financial Services Commission, has been postponed.

According to the Seoul Eastern District Court on the 3rd, the first trial of former Deputy Mayor Yoo, who faces charges of bribery, breach of trust after bribery, and violation of the Improper Solicitation and Graft Act, was rescheduled from 1 p.m. on the same day to the 26th of this month. The postponement was reportedly due to a request for a change of trial date by the prosecution on the 28th of last month.

Previously, the court held preparatory hearings on the 6th and 20th of last month, but since the defendant was not required to attend, former Deputy Mayor Yoo did not appear.

He is accused of receiving a total of 49.5 million KRW worth of money and benefits and committing fraudulent acts from four financial company representatives with high job relevance during his tenure as Director of the Policy Bureau at the Financial Services Commission and Deputy Mayor for Economic Affairs of Busan City from August 2010 to November 2018.

At the two previous preparatory hearings, former Deputy Mayor Yoo denied the charges. His legal team stated at the second preparatory hearing on the 20th of last month, "Overall, we deny the bribery charges," acknowledging that there were instances of receiving benefits such as airfare, golf clubs, and apartment lease fees but denying any quid pro quo. They claimed that the exchange of benefits was a gift based on personal friendship.

The defense also argued that the 100 million KRW interest-free loan Yoo received from a credit information company president named Yoon, which was part of a 250 million KRW apartment purchase payment, and the 10 million KRW debt forgiveness related to this loan occurred in 2011, thus the statute of limitations (7 years) has expired.

The court plans to summon Yoo’s younger brother Yoo Mo and Choi Mo, the eldest son of a mid-sized construction company chairman and CEO of an asset management firm, as witnesses for cross-examination at the first trial scheduled for the 26th of this month.

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