Former Vice Mayor Yoo Jae-soo Facing First Trial Verdict... Associates Have Abandoned Him

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Yoo Jae-su (55), former Deputy Mayor for Economic Affairs of Busan City, who was prosecuted on charges including bribery during his tenure at the Financial Services Commission. He described those who gave him money and gifts as "people like family." At the final trial held on the 22nd of last month at the Seoul Eastern District Court Criminal Division 11 (Presiding Judge Son Joo-chul), Yoo denied the bribery charges in his closing argument, stating, "These were close acquaintances unrelated to my work with whom I exchanged affection without deep consideration."

Yoo was arrested and indicted last December on charges of receiving a total of approximately 49.5 million KRW in money and benefits and committing corrupt acts from four financial company representatives between 2010 and 2018, around the time of his tenure at the Financial Services Commission.

However, in earlier trials, Yoo’s close associates who appeared as witnesses gave testimonies that contradicted his claims.

Jung Mo (46), a fund management company CEO who provided airline tickets and internship opportunities for Yoo’s son at Yoo’s request, testified that he expected "work-related assistance" through these actions. It is known that in 2016, Jung purchased airline tickets worth about 1.5 million KRW 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 stated that under the instruction of the company CEO Choi Mo (41), Yoo Mo was hired as deputy head of the management support office. Jung said, "At the time of hiring, I thought Yoo Mo was not suitable and reported this, but CEO Choi said to hire him if possible," adding, "Such an instruction was unusual." CEO Choi hired Yoo Mo as deputy head of the management support team, paying him about 100 million KRW 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, said, "My relationship with Yoo Jae-su is closer than relatives and special." He provided Yoo with about 20 million KRW in money and gifts over eight years starting in 2010. Yoon also gave Yoo’s children 1 million KRW as pocket money, explaining, "I gave it thinking of them like grandchildren."

On the other hand, Yoon Mo (44), CEO of the same credit information company and son of Chairman Yoon, testified differently from his father. Yoon said, "My father has had a personal relationship with Yoo Jae-su for over 20 years and they were close," adding, "I think they maintained a good relationship hoping to receive help in future business." Yoon also carried out tasks such as sending Korean beef gift sets under Yoo’s name during holidays on his father’s instructions.

At the final trial, the prosecution requested the court to sentence Yoo to five years in prison and impose a fine of 47,005,952 KRW. The prosecution explained the reason for the request, stating, "He received money and gifts for a long time, unbecoming of a high-ranking official, and even after moving to Deputy Mayor for Economic Affairs of Busan City following the Blue House audit, he showed the typical behavior of a corrupt official. He shows no remorse, claiming that the providers voluntarily helped and that the transactions were based on personal relationships."

The first trial verdict for Yoo is scheduled for 10 a.m. on the 22nd of next month.

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