Prosecutors Raid Former Woori Bank President Lee Soon-woo in 'Park Young-soo 5 Billion Club' Case
The Seoul Central District Prosecutors' Office Anti-Corruption Investigation Division 1 (Chief Prosecutor Eom Hee-jun), which is investigating the allegations of the "Daejang-dong 5 Billion Club" involving former special prosecutor Park Young-soo, conducted a search and seizure at the residence of former Woori Bank President Lee Soon-woo on the 16th.
Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@
View original imageLee, the former bank president, served as the president of Woori Bank from 2011 to 2014. The prosecution is investigating on charges including bribery under the Act on the Aggravated Punishment of Specific Economic Crimes, believing that former special prosecutor Park, while serving as chairman of Woori Bank's outside board of directors, supported the consortium formation of the "Daejang-dong team" and promised to receive land and commercial buildings worth approximately 20 billion won from private developers in exchange for soliciting project fund (PF) loans.
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Initially, Woori Bank considered participating in the Seongnam Eutteul consortium of the Daejang-dong team but decided not to participate in March 2015, citing internal company regulations. Instead, it submitted a letter of intent for credit amounting to 150 billion won to participate in the PF loan.
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