Former special prosecutor Park Young-soo’s prison term cut from 7 to 6 years on appeal... acquitted over Daejang-dong 5 billion won promise

[Financial News] Park Young-soo, a former special prosecutor indicted on charges of receiving several hundred million won from private developers as a member of the Daejang-dong 50 Billion Won Club, was sentenced to six years in prison on appeal. His sentence was reduced by one year from the seven years imposed at the first trial.
On the 21st, Criminal Division 15-2 of the Seoul High Court, presided over by Judge Lee Hee-jun, found Park guilty of some of the charges of accepting bribes under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes and sentenced him to six years in prison and a fine of 200 million won. It also ordered the forfeiture of 200 million won. Yang Jae-sik, a former deputy special prosecutor who was indicted alongside him, was sentenced to five years in prison and a fine of 200 million won.
However, Park’s release on bail remained in place. The panel explained, “There are no grounds to revoke his bail.”
In August 2023, the special prosecutor indicted Park and former deputy special prosecutor Yang on charges of receiving a total of 1.9 billion won from private developers in Daejang-dong. At the first trial, Park was sentenced to seven years in prison and a fine of 500 million won, while Yang received five years in prison and a fine of 300 million won.
In February last year, the first trial found Park guilty only of receiving 300 million won in Korean Bar Association election funds. It acquitted him on the remaining charges or dismissed them as time-barred, citing insufficient evidence and other reasons.
The appellate panel further narrowed the portions of the first-trial ruling that found Park guilty. Of the 300 million won in Korean Bar Association election funds, it found him guilty only of receiving the 200 million won handed over in late December 2014. It acquitted him on the two other instances of receiving 50 million won each, finding that the testimony of lawyer Nam, who handed over the money, was not credible.
The panel explained, “Regarding the testimony that the money (50 million won) was handed over in a resort parking lot in Yangpyeong, given that former deputy special prosecutor Yang left after 10 p.m. following a gathering at a restaurant in Seoul’s Seocho District, he would have arrived at the resort after 11 p.m., while lawyer Nam appears to have left the resort before then. Lawyer Nam gave different accounts of the location where the money was handed over during the investigation and in court, and could not remember whom he was supposed to meet.”
The testimony concerning the other 50 million won was also inconsistent and contradicted other accounts, undermining its credibility.
The appellate court upheld the first-trial rulings on the other charges, finding Park not guilty or dismissing them as time-barred. In particular, it also acquitted him on the charge involving the 500 million won he received from Kim Man-bae after being promised 5 billion won. The court said Park was not considered an executive or employee of a financial company under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes when he received the 500 million won, and that it was difficult to establish either the promise of 5 billion won or the alleged solicitation to issue a letter of intent to extend credit that underpinned it.
On sentencing, however, the panel said of Park, “He committed the crimes despite having served as a prosecutor for a long time and knowing that employees of financial institutions are subject to strict duties,” adding, “He undermined public confidence in fairness, and the grounds for criticism are substantial.”
[email protected] Lee Chang-hoon Reporter