Seoul High Prosecutors' Office Inspects Investigation Team on Cho Kuk Family's 'Private Equity Fund'... Allegations of Biased Investigation

Former Minister of Justice Cho Kuk / Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Daehyun] The Seoul High Prosecutors' Office has reportedly launched an inspection into the investigation team handling the 'private equity fund allegations' involving former Minister of Justice Cho Kuk's family.

According to the legal community on the 5th, the Inspection Department of the Seoul High Prosecutors' Office is conducting an inspection after receiving a complaint alleging that the Seoul Central District Prosecutors' Office investigation team, which previously investigated the private equity fund allegations involving former Minister Cho's family, conducted a 'biased investigation.' The complaint claims that the investigation focused only on parts related to former Minister Cho, while neglecting the investigation of 'Iksung' (an auto parts company), which was pointed out as being behind the private equity fund.

Iksung is the first investment company of the Korink private equity fund and is suspected of providing funds during the establishment process of Korink Private Equity, the private equity fund management company. Regarding this, former Dongyang University professor and Cho's wife Jeong Gyeongshim and their fifth cousin Jo Beomdong claimed that Iksung was the actual operator of Korink. The related investigation is currently being reassigned and conducted by the Anti-Corruption and Strong Crime Investigation Division 1 (Chief Prosecutor Jeong Yonghwan) of the Seoul Central District Prosecutors' Office.

The Seoul Central District Prosecutors' Office investigation team that investigated the private equity fund allegations involving former Minister Cho's family indicted former professor Jeong and Jo Beomdong on charges including violations of the Capital Markets Act and detained them. Former Minister Cho was also indicted without detention on charges including bribery.

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