Prosecutors Refile Arrest Warrant for Former Woori Financial Chairman Son Tae-seung over Alleged Improper Loans

The prosecution has refiled an arrest warrant for Son Tae-seung, former chairman of Woori Financial Group, who is accused of granting improper loans worth hundreds of billions of won to relatives.

Former Chairman Sohn Tae-seung of Woori Financial Group. Photo by Jo Yong-jun

According to the legal community on the 9th, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Kim Su-hong) refiled the arrest warrant on the same day on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust). This comes about two weeks after the warrant was dismissed by the Seoul Southern District Court on the 26th of last month. The prosecution stated, "We conducted supplementary investigations after the (first) arrest warrant was dismissed."

Previously, the court dismissed the prosecution's request for an arrest warrant, stating, "Considering the degree of proof by the prosecution regarding the conspiracy or specific participation in the crime, there is room for dispute by the suspect, and it is necessary to guarantee the right to defense." The court added, "The mere fact that some of the suspect's statements appear false or there are circumstances suspected of past evidence destruction does not conclusively indicate a risk of future evidence destruction or flight," and "It is difficult to recognize the necessity or appropriateness of detention of the suspect under the current circumstances." This was interpreted as meaning that the prosecution's evidence was insufficient.

Former Chairman Son is accused of being involved in improper loans amounting to 45 billion won approved for corporations and individual business owners related to his relatives from April 2020 to January of this year.

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