Prosecutors Request Arrest Warrant for Former Special Prosecutor Park Young-soo in '5 Billion Club' Case
Former special prosecutor Park Young-soo, a key figure in the so-called '50 Billion Club' allegations involving receiving or promising to receive money from Daejang-dong developers, is facing the possibility of detention.
On the 26th, the Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) filed an arrest warrant request against former special prosecutor Park on charges including bribery under the Act on the Aggravated Punishment of Specific Economic Crimes. The prosecution also filed an arrest warrant request on the same charges against Yang Jae-sik, former special prosecutor aide and Park’s closest associate, considering him an accomplice.
Former special prosecutor Park is accused of conspiring with former special prosecutor aide Yang from November to December 2014, while serving as chairman of the board at Woori Bank, to solicit the issuance of a letter of intent for project financing (PF) loans and Woori Bank’s participation in the Seongnam Eutteul consortium from private developers including lawyer Nam Wook of Daejang-dong. In return, he is alleged to have promised benefits worth approximately 20 billion KRW, including advisory fees for land compensation in Daejang-dong and profits from commercial property development, as well as two detached houses.
He is also charged with receiving 30 million KRW in cash under the pretext of election funds for the Korean Bar Association presidency.
Additionally, former special prosecutor Park is accused of receiving 50 million KRW in April 2015 from Kim Man-bae, a major shareholder of Hwacheon Daeyu Asset Management, in exchange for soliciting the issuance of a letter of intent for Woori Bank loans, and promising benefits worth approximately 5 billion KRW.
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The Anti-Corruption Investigation Division 1 summoned former special prosecutor Park as a suspect for questioning on the 22nd.
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