Prosecution Summons Former Special Prosecutor Park Young-soo of '50 Billion Club'... Questioning Influence on Woori Bank (Comprehensive)

Former special prosecutor Park Young-soo, who is allegedly involved in the so-called '50 Billion Club' scandal accused of receiving or promising to receive money from developers of the Daejang-dong project, appeared at the prosecution office on the 22nd for questioning.

Special Prosecutor Park Young-soo

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) summoned former special prosecutor Park in the morning as a suspect on charges including bribery under the Act on the Aggravated Punishment of Specific Economic Crimes. Initially, Park had requested a non-public appearance, but he entered the Central District Prosecutors' Office building avoiding the press on that day.

The prosecution is reportedly questioning Park about whether Woori Bank exerted influence to have the Daejang-dong consortium participate. After Park's investigation concludes, the prosecution is expected to decide as early as next week on how to handle his case. Currently, the prosecution is investigating former lawmaker Kwak Sang-do and former special prosecutor Park simultaneously regarding the Daejang-dong '50 Billion Club' allegations, and the investigation related to Park is entering its final stage with this summons and questioning.

Park is under investigation for allegedly receiving promises of land and commercial buildings worth approximately 20 billion KRW from the Daejang-dong group in exchange for facilitating Woori Bank's participation as an equity investor in the Seongnam Utddeul consortium in November 2014, when he served as chairman of Woori Bank's board. Initially, Woori Bank intended to participate as an investor in the Seongnam Utddeul consortium but ultimately did not join due to opposition from the screening department in March 2015. Instead, it submitted a letter of intent for a 150 billion KRW project financing (PF) loan on March 23 of the same year. As a result, the Seongnam Utddeul consortium received near-perfect scores in the 'funding' category of the private business operator evaluation.

In connection with this, the prosecution has secured multiple testimonies during investigations of individuals involved in the Daejang-dong urban development project stating that "Park's side demanded compensation for helping to form the Daejang-dong consortium." It is reported that accountant Jung Young-hak, Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu), and lawyer Nam Wook, owner of Cheonhwa-dongin No. 4, gave such statements during recent investigations. On the 12th, former special prosecutor assistant Yang Jae-sik, and on the 16th, Lee (last name withheld), a sales agent for the Daejang-dong project, and Jo Woo-hyung, suspected to be the actual owner of Cheonhwa-dongin No. 6, an affiliate of Hwacheon Daeyu, were consecutively summoned and questioned as close associates of Park.

The prosecution believes that as Woori Bank's form of consortium participation changed, the amount of compensation Park was originally supposed to receive decreased from 20 billion KRW to around 5 billion KRW. The suspected 5 billion KRW, which Park was promised, is believed to have been partially paid as advisory fees to Park from Hwacheon Daeyu and as loans to his daughter, and the prosecution is also investigating whether actual funds were transferred.

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