Prosecution Seeks 5-Year Prison Term for Former Vice Mayor Yoo Jae-su on Bribery Charges...Defense Calls It a "Fishing Expedition" (Comprehensive)

Prosecutors: "The Image of a Corrupt Official"
Former Vice Mayor Yoo: "There Was Absolutely No Fraud"
First Trial Verdict on the 22nd of Next Month

Former Busan Deputy Mayor for Economic Affairs Yoo Jae-su./Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Lee Jung-yoon] The prosecution has requested a five-year prison sentence for 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.

At the sentencing hearing held on the 22nd at the Seoul Eastern District Court Criminal Division 11 (Presiding Judge Son Joo-chul), the prosecution asked the court to sentence Yoo to five years in prison and impose a fine of 47,005,952 won.

The prosecution explained the reason for the request, stating, "Despite being a high-ranking public official, he accepted money and valuables over a long period, and even after being transferred to Deputy Mayor for Economic Affairs of Busan following a Blue House audit, he showed the typical behavior of a corrupt official instead of restraining himself. The giver claims to have voluntarily helped and that the payments were made due to personal friendship, showing no remorse."

In his final statement, Yoo said, "I am infinitely ashamed and devastated to stand here," but denied the charges, stating, "I firmly declare that I never engaged in any corrupt acts that would benefit a specific person or received any benefits in return."

The defense argued, "While we do not deny the facts themselves, the relationship was a close personal friendship, and there was no connection to official duties or quid pro quo. The prosecution has transformed this into a criminal case by excessively investigating and increasing the number of payments to strengthen the case related to the cover-up of the audit."

Yoo was arrested and indicted last December on charges of receiving money and benefits worth approximately 49.5 million won from four individuals, including representatives of financial companies, between 2010 and 2018, around the time of his tenure at the Financial Services Commission, and engaging in corrupt acts.

Yoo has maintained that although he received money and valuables, they were given out of friendship without any quid pro quo. In earlier hearings, industry insiders who handed over money and valuables to Yoo testified as witnesses.

Jung Mo (46), CEO of an asset management company, testified that he provided airline tickets and internship opportunities for Yoo’s son at Yoo’s request, anticipating business assistance. It is known that in 2016, Jung purchased airline tickets worth about 1.5 million won for Yoo and helped Yoo’s son intern at his company for one month each in July 2016 and May 2017.

Jung Mo (43), executive director of a financial company who hired Yoo’s younger brother Yoo Mo, also appeared in court and testified that he hired Yoo Mo as deputy head of the management support office under the instruction of CEO Choi Mo (41). Jung said, "At the time of hiring, I thought Yoo Mo was not suitable for the position," and "I reported this, but CEO Choi said to hire him if possible." He added, "Such an instruction is unusual." Choi hired Yoo Mo as deputy head of the management support team, paying him about 100 million won in salary, and later received a commendation from the Financial Services Commission chairman upon Yoo’s recommendation.

However, Yoon Mo (71), chairman of a credit information company, testified that he provided Yoo with money and valuables worth about 20 million won over eight years from 2010, stating, "My relationship with Yoo Jae-soo is closer than relatives and special." Yoon also gave Yoo’s children 1 million won as pocket money, explaining, "I gave it thinking of them as grandchildren."

But Yoon Mo (44), CEO of the same credit information company and son of Chairman Yoon, gave a different testimony in court. Yoon said he carried out tasks such as sending Korean beef gift sets in Yoo’s name during holidays under his father’s instructions. He testified, "My father has had a personal relationship with Yoo Jae-soo for over 20 years and was close to him. I think he wanted to maintain a good relationship, hoping to receive help in the future while running the company."

The sentencing date for Yoo is set for 10 a.m. on the 22nd of next month.

Meanwhile, former Minister of Justice Cho Kuk, former Blue House Civil Affairs Secretary Baek Won-woo, and former Anti-Corruption Secretary Park Hyung-chul are on trial for abuse of authority charges, suspected of covering up the bribery allegations against Yoo.

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