Prosecution Service launches forced investigation into Roh Tae-woo family's alleged hidden slush funds... raids Kim Ok-suk's residence and other sites

[Financial News] The Prosecution Service has launched a forced investigation into Kim Ok-suk, the wife of former President Roh Tae-woo, and others as it probes allegations that the Roh family concealed slush funds.
According to the legal community on the 21st, the Criminal Proceeds Recovery Division at the Seoul Central District Prosecutors' Office, led by Chief Prosecutor So Jeong-su, is carrying out raids on Kim and others this morning.
The Prosecution Service is searching the Yeonhui-dong residence in Seodaemun-gu, Seoul, where Kim is staying, as part of its investigation into alleged violations of the Act on the Regulation and Punishment of Concealment of Criminal Proceeds and tax evasion by the Roh family.
The search also includes the East Asia Cultural Foundation, where Roh Jae-heon, the son of the former president and ambassador of the Republic of Korea to China, serves as chairman, the Roh Tae-woo Center, and the homes of former aides suspected of providing borrowed-name bank accounts.
The Prosecution Service has continued its investigation after receiving complaints from The May 18 Foundation and others alleging that Kim, Noh So-young, the head of Art Center Nabi, and Ambassador Roh, among other members of the Roh family, concealed slush funds and evaded taxes.
The allegations surfaced after assets believed to be Roh Tae-woo's slush funds came to light during the divorce lawsuit between Chey Tae-won, chairman of SK Group, and Noh. In the divorce case, Noh's side argued that Kim had contributed to the creation of SK Group's assets and submitted the so-called 'Kim Ok-suk memo' as evidence.
The memo lists financial transactions totaling 90.4 billion won. Based on this, Noh's side argued that 30 billion won from Roh Tae-woo was passed to his in-laws, former SK Group Chairman Choi Jong-hyun, and used in management activities at Sunkyong Group, including the acquisition of Pacific Securities.
[email protected] Kim Dong-gyu Reporter