CEO of Asset Management Firm Who Provided Money to Yoo Jae-su, "Expected Business Assistance"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Yoo Jae-soo (55), former Deputy Mayor for Economic Affairs of Busan, testified that an asset management company that provided airline tickets and internship opportunities for his son during his tenure at the Financial Services Commission expected business favors in return. Additionally, an executive of a financial company who hired Yoo’s younger brother described the hiring as unusual.

The Criminal Division 11 of the Seoul Eastern District Court (Presiding Judge Son Joo-chul) held the third trial on the 16th for Yoo, who was indicted on charges including bribery.

Jung (46), the CEO of the asset management company who appeared as a witness that day, reportedly purchased airline tickets worth about 1.5 million KRW for Yoo in 2016 and helped Yoo’s son intern at his company for one month each in July 2016 and May 2017.

When asked by the prosecution whether he expected business favors from Yoo (then serving at the Financial Services Commission), Jung testified, "I do not deny that I usually had such expectations."

Regarding Yoo’s son’s internship, Jung said that if there had been no request, he would not have considered hiring him, adding, "It is true that he was hired because he is Yoo’s son."

After the internship, Yoo’s son received approximately 1.25 million KRW in 2016 and about 1.5 million KRW in 2017 as salary. Jung returned the money received in 2016. Jung testified, "While talking with my lawyer, I thought it was right to return the salary to Director Yoo Jae-soo’s child," and when the prosecution asked, "Were you worried that the internship issue might arise after the new government took office?" he answered, "Yes."

In the prosecution’s investigation, Jung also reaffirmed his statement that there were rumors Yoo’s position would be elevated with the Moon Jae-in administration due to his previous work at the Blue House during the Roh Moo-hyun administration, and that if there had been no misconduct inspection by the Blue House’s special inspection team, Yoo was expected to advance to a position higher than the Financial Services Commission’s Secretary-General.

On the same day, Jung Mo (43), an executive director of a financial company who hired Yoo’s younger brother, also appeared in court. Jung reportedly hired Yoo as Deputy Manager of the Management Support Office under the instruction of the company’s CEO, Choi Mo (41).

Jung testified, "At the time of hiring, I thought Yoo was not suitable for the position," and "I reported this, but CEO Choi said to hire him if possible."

Choi hired Yoo as Deputy Manager of the Management Support Team with a salary of about 100 million KRW, and later received a commendation from the Financial Services Commission Chairman upon Yoo’s recommendation. The prosecution views this as a job request favor for Yoo’s younger brother.

Meanwhile, Yoo was arrested and indicted last December on charges of receiving bribes and benefits worth about 49.5 million KRW from four financial company representatives and others between 2010 and 2018, around the time of his tenure at the Financial Services Commission, and engaging in corrupt acts.

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