Prosecution Indicts Former LS Securities Executive for Allegedly Receiving Bribes in Exchange for Loans

Violation of the Act on the Aggravated Punishment of Specific Economic Crimes
Securities Executive and Bank Employee Indicted for Accepting Bribes from Real Estate Developer

The prosecution has brought to trial a securities company executive and a bank employee on charges of receiving tens of millions of won in bribes from a real estate development company in exchange for providing loans.

On April 30, the Anti-Corruption Investigation Division 3 of the Seoul Central District Prosecutors’ Office (headed by Lee Seunghak) announced that it had indicted, under detention, two individuals: former LS Securities (formerly eBest Investment & Securities) executive A and Shinhan Bank deputy manager B, on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (bribery and private loan brokerage). The head of the real estate development company, C, who provided the bribes, was also indicted without detention on charges of violating the same law (offering bribes, etc.).

Yonhap News Agency

From 2018 to 2022, A is accused of receiving tens of millions of won from C, the head of the real estate development company, after providing loans to the company, under the pretext of returning investment principal or profits. A is also alleged to have personally invested in development projects and arranged several loans.

During the investigation, the prosecution also found that B, the bank employee, received bribes from C in exchange for providing loans, and indicted B as well.

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