Prosecutors seek arrest warrant for former special counsel over suspected bribery

June 26, 2023

Prosecutors on Monday sought an arrest warrant for former special counsel Park Young-soo over corruption allegations surrounding a controversial land development scandal in Seongnam, just south of Seoul.

Park is suspected of having agreed to receive real estate properties worth 20 billion won (US$15.5 million) from private developers in return for helping with their project to develop Seongnam’s Daejang-dong district into apartment complexes in 2014, when he served as the chair of the Woori Bank board of directors.

Prosecutors suspect the amount of properties promised to Park decreased to 5 billion won later, after the bank’s role in the project was reduced.

The so-called Daejang-dong scandal, in which Hwacheon Daeyu Asset Management and a small number of private partners were allowed to reap astronomical investment profits, has drawn keen media attention because the project was launched when opposition leader Lee Jae-myung was the mayor of Seongnam.

Prosecutors also suspect Park received part of the 5 billion won in the form of advisory fees from Hwacheon Daeyu and a loan to his daughter.

Park gained fame after investigating a corruption scandal involving former President Park Geun-hye as a special counsel in 2017.

Former special counsel Park Young-soo (Yonhap)
Former special counsel Park Young-soo (Yonhap)