Prosecutors Arrest and Indict Three Former Executives of Korea Asset Trust for Receiving Hundreds of Millions in Bribes

Received approximately 320 million KRW from a housing sales agency

The prosecution has sent three former executives of Korea Asset Trust to trial in custody on charges of receiving bribes worth several hundred million won from a sales agency.

On the 9th, in the special investigation headquarters for the emergency martial law by the prosecution, it is reported that former Special Warfare Commander Kwak Jung-geun is being summoned and investigated. The Taegeukgi and prosecution flags are fluttering in the wind in front of the Seoul Central District Prosecutors' Office building. Photo by Heo Young-han

The Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Seung-hak) announced on the 9th that it had indicted three former executives, including former head Baek, on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (bribery, etc.).

Baek and others are accused of receiving money ranging from tens of millions to over a hundred million won from the representative of the sales agency from January 2020 to February 2023 under the pretext of selecting, maintaining, and managing the sales agency.

It was investigated that the money they received from the agency amounted to about 320 million won. The prosecution also indicted Kim, the representative of the sales agency who is suspected of providing the bribes, without detention on charges including mediation under the Special Act.

The prosecution began investigating this case in May following a request from the Financial Supervisory Service. According to the Financial Supervisory Service's investigation at the time, former and current employees of Korea Asset Trust lent and arranged about 2.5 billion won to the developer as land purchase funds through corporations owned by them and collected about 700 million won as interest.

The prosecution has sent only some of the executives involved in the case to trial and plans to continue further investigations.

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