Prosecutors Conduct Additional Search of Woori Bank Over '50 Billion Club' Allegations

by Lee Jungyun

Published 26 Apr.2023 18:09(KST)

The prosecution investigating former special prosecutor Park Young-soo's alleged '50 Billion Club' conducted additional raids on Woori Bank and others on the 26th.

[Image source=Yonhap News]

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Eom Hee-jun) sent prosecutors and investigators to four locations, including the Woori Bank headquarters' screening department and the residences and offices of three current and former Woori Bank executives, to secure emails and loan screening materials.

The prosecution suspects that while former special prosecutor Park was serving as chairman of Woori Bank's board, he helped Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, and the Daejang-dong group form a consortium and, in return for facilitating project financing (PF) loans, agreed to receive land and buildings worth approximately 20 billion won.

Woori Bank initially considered participating in the Seongnam Eutteul consortium of the Daejang-dong group but decided not to join in March 2015, citing internal company regulations. Instead, it submitted a letter of intent for credit amounting to 150 billion won to participate in the PF loan.

The prosecution suspects that former special prosecutor Park was involved in colluding with the Daejang-dong group during Woori Bank's decision-making process. The current and former Woori Bank executives targeted in the raids are those identified as having received related instructions from former special prosecutor Park at the time.

The prosecution is investigating lawyer Yang Jae-sik, who assisted former special prosecutor Park as a special prosecutor assistant in 2016 and handled all practical matters, as an accomplice under the Act on the Aggravated Punishment of Specific Economic Crimes, including bribery charges.

Regarding this suspicion, the prosecution began a full-scale reinvestigation by raiding former special prosecutor Park's residence and office, as well as Woori Bank's headquarters, on the 30th of last month. After analyzing the seized materials and conducting witness interviews, the prosecution plans to summon and investigate lawyer Yang and former special prosecutor Park.