'Corona Chiryuje Seungin Robi Uihak' Businessman Arrest Warrant Dismissed

A detention warrant for a businessman accused of receiving several hundred million won in bribes in exchange for lobbying the Ministry of Food and Drug Safety (MFDS) was dismissed. The businessman was involved in efforts to develop a new COVID-19 treatment drug at a pharmaceutical company.

On the 1st, Judge Song Kyung-ho, in charge of warrants at the Seoul Western District Court, announced the dismissal of the detention warrant application for businessman Yang Mo, who is accused of bribery and other charges. Judge Song explained the dismissal, stating, "Yang’s residence is stable, and it is difficult to consider that there is a risk of flight or evidence tampering," and added, "There is room for dispute regarding the nature of the money received."

Yang is accused of receiving approximately 900 million won worth of money and goods as a bribe in 2021 from Kang Mo, a director at pharmaceutical company A, who was pushing for approval of a new COVID-19 treatment drug. The prosecution believes that the 900 million won was received through 300 million won in cash and 600 million won worth of convertible bonds (CB) from Yang’s company.

The prosecution suspects that Yang requested help from Democratic Party lawmaker B, who then relayed the matter to a senior official at the MFDS. After receiving a tip-off, the prosecution launched an investigation and conducted raids in January on company A, the MFDS, and Yang’s residence, securing related materials.

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