Former Saemaeul Geumgo Chairman Park Chahoon Sentenced to 6 Years in Prison for Receiving Over 100 Million Won in Bribes... Detained in Court

Suspected 100 Million Won Bribe in Private Equity Fund Investment Process
First Trial Sentences Imprisonment and 200 Million Won Fine for Violation of Special Criminal Act

Park Cha-hoon, the former president of the National Credit Union Federation of Korea, who was prosecuted on charges of receiving bribes amounting to hundreds of millions of won, was sentenced to imprisonment and taken into custody in court.

The Criminal Division 11 of the Seoul Eastern District Court (Presiding Judge Kim Byung-chul) on the 14th sentenced former President Park to 6 years in prison and a fine of 200 million won on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (bribery, etc.) and ordered his immediate detention.

Park Cha-hoon, former chairman of the National Credit Union Federation of Korea, is attending the first trial sentencing hearing held at the Seoul Eastern District Court in Songpa-gu, Seoul, on the afternoon of the 14th.
[Image source=Yonhap News]

The court stated, "The defendant, as the president of the National Credit Union Federation of Korea, was required to perform his duties fairly and transparently, but he received money and valuables based on his influence, which is a serious offense," adding, "This is considered one of the causes that led to the financial difficulties of the National Credit Union."

It continued, "He consistently made excuses and showed no remorse," and criticized, "Corresponding punishment is inevitable."

However, the court acquitted him of charges related to receiving two gold seals.

Former President Park is accused of receiving 100 million won in cash from Yoo Young-seok, the former CEO of asset management company iSTEM Partners, and having 50 million won in attorney fees paid on his behalf during the private equity fund (PEF) investment process of the National Credit Union Federation.

He is also charged with receiving 78 million won from three full-time directors of the federation around the December 2021 election for the presidency of the National Credit Union Federation and having 22 million won paid on his behalf as criminal case initiation fees from them, as well as receiving two gold seals worth approximately 8 million won from a subsidiary company representative named Kim as a fee for appointment.

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