Former Special Prosecutor Park Young-soo Arrested in ‘5 Billion Club’ Scandal: Latest Updates and Investigations

2023-08-07 06:52:51

Former special prosecutor Park Young-soo, who was arrested in relation to the suspicion of the ‘5 billion club’ that he received or promised money in exchange for helping private businessmen in Daejang-dong, was summoned to the prosecution for the first time since his arrest on the 3rd.

Former special prosecutor Park Young-soo (center) attends a pre-arrest interrogation (warrant review) held at the Seoul Central District Court in Seocho-gu, Seoul on the 3rd./Newsis

Summarizing the coverage of this magazine on the 7th, the Seoul Central District Prosecutor’s Office’s Anti-Corruption Investigation Division 1 (Director Eom Hee-joon) is investigating former Special Prosecutor Park, who was arrested on charges of bribery under the Aggravated Punishment Act for Specific Economic Crimes and violation of the Improper Solicitation and Graft Act. It has been four days since he was arrested and imprisoned.

Former special prosecutor Park is accused of receiving promises of land and buildings worth 20 billion won from private contractors, including attorney Nam Wook, in return for supporting the formation of the Daejang-dong consortium between November and December 2014, when he was chairman of the board of directors of Woori Bank. Around the same time, former special prosecutor Park is also suspected of receiving 300 million won in cash from Nam in the name of campaign funds for the president of the Korean Bar Association. In addition, in April 2015, he is accused of receiving 500 million won from Kim Man-bae and receiving a promise of 5 billion won in return for being asked to issue a letter of intent for a loan from Woori Bank.

Former Special Prosecutor Park also said that from September 2019 to February 2021, when he was a special prosecutor in the Gukjeong Nongdan incident, his daughter received a total of 1.1 billion won on five occasions in the name of loans while working for Hwacheon Daeyu, where Kim Man-bae is the majority shareholder. They are also charged with violating the prohibition law.

The prosecution is said to be carrying out a reinforcement investigation once morest former special prosecutor Park, including questioning the nature of the money and valuables received from private businessmen such as Kim Man-bae (a major shareholder in Hwacheon Daeyu). In addition, it is said that in addition to the 1.1 billion won loan received from Hwacheon Daeyu in collusion with his daughter, there is an additional investigation into whether there was a separate monetary promise.

Former Special Prosecutor Park was arrested and imprisoned on the 3rd, 1 year and 11 months following the prosecution investigation began in September 2021, when suspicions of Daejang-dong arose during the Moon Jae-in administration. After the first arrest warrant requested on June 30 for former Special Prosecutor Park on charges of bribery under the Special Investigation Act was dismissed, the prosecution re-applied for an arrest warrant on the 31st of last month following a supplementary investigation. The court issued an arrest warrant for former Special Prosecutor Park, saying, “There is a concern regarding the destruction of evidence.”

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