Prosecutors Raid Former Woori Bank President Lee Soon-woo in 'Park Young-soo 5 Billion Club' Case (Comprehensive)
The prosecution investigating former special prosecutor Park Young-soo's 'Daejang-dong 5 Billion Club' allegations conducted a search and seizure of locations related to former Woori Bank President Lee Soon-woo.
Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@
View original imageThe Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) sent prosecutors and investigators to Lee's residence and other places to secure related materials such as emails.
Former special prosecutor Park is accused of receiving promises of land and commercial buildings worth about 20 billion won as compensation for supporting the consortium formation of the 'Daejang-dong team' and delivering project financing (PF) loan solicitations while serving as chairman of Woori Bank's board during 2014-2015, when private contractors including Kim Man-bae were preparing bids for the Daejang-dong project. He faces charges including bribery under the Act on the Aggravated Punishment of Specific Economic Crimes.
Woori Bank initially considered participating in the Seongnam Eutteul consortium of the Daejang-dong team but withdrew 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.
![Former Special Prosecutor Park Young-soo [Photo by Asia Economy DB]](http://www.asiae.co.kr/news/img_view.htm?img=2021070712132523746_1625627606.jpg)
The prosecution believes that former special prosecutor Park, who colluded with the Daejang-dong group, was involved in Woori Bank's decision-making process. Lee served as Woori Bank president from 2011 to 2014.
This search and seizure is reportedly aimed at confirming the route through which private contractors' solicitations were conveyed to the real estate and finance department staff via former special prosecutor Park and former bank president Lee.
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Earlier, on March 30, the prosecution intensified the '5 Billion Club allegations' investigation by searching former special prosecutor Park's residence and office, as well as Woori Bank's headquarters. Subsequently, on the 26th of last month, they additionally searched the residences and offices of the Woori Bank headquarters' screening department and former and current executives, including then Vice President Lee Kwang-gu.
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