Prosecutors Refile Arrest Warrant for Park Young-soo of the '50 Billion Club'... One Month After Dismissal

The prosecution investigating the 'Daejang-dong 5 Billion Club' allegations refiled an arrest warrant for former special prosecutor Park Young-soo on the 31st. This comes one month after the arrest warrant was dismissed by the court on the 30th of last month.

Former Special Prosecutor Park Young-soo is attending a trial at the Seoul Central District Court in Seocho-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-joon) filed an arrest warrant against former special prosecutor Park on charges of bribery under the Act on the Aggravated Punishment of Specific Economic Crimes and violation of the Improper Solicitation and Graft Act.

Former special prosecutor Park is accused of receiving 800 million won in exchange for promising a large sum of money as a bribe while serving as an outside director, chairman of the board, and audit committee member of Woori Bank, related to the Daejang-dong development project and consortiums involving private contractors such as Nam Wook.

The prosecution believes that Park, in collusion with his close aide Yang Jae-sik, former special prosecutor aide, received 20 billion won and promises of land and a detached house of unknown market value from Nam and others in relation to Woori Bank’s consortium investment and issuance of a letter of intent for loans between November and December 2014. It is also understood that he actually received 30 million won in cash under the pretext of election funds for the Korean Bar Association president in 2015.

Park is also suspected of receiving 500 million won from Kim Man-bae and others between March and April 2015 as a bribe for the issuance of a letter of intent for loans after Woori Bank’s role was reduced, and of having agreed to receive 5 billion won in the future.

Furthermore, the prosecution applied charges of violating the Improper Solicitation and Graft Act, believing that Park, in collusion with his daughter while holding the position of special prosecutor, received a total of 1.1 billion won from Hwacheon Daeyu between September 2019 and February 2021.

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