Former People Power Party lawmaker Kwak Sang-do and his wife were indicted without detention in the state’s probe of the “Five Billion Won Club” scandal on Tuesday.
The Seoul Central District Prosecutors Office indicted Kwak on suspicion of violating the law on concealing criminal proceeds in connection to the five billion won, or around three-point-nine million U.S dollars, he took from the Seongnam-based developer Hwacheon Daeyu Asset Management.
The ex-lawmaker is suspected of taking the money under the pretext of severance pay and incentives for his son, an employee of the firm at the time who is also indicted as an accomplice of his father along with the firm’s majority shareholder, Kim Man-bae.
The latest move comes after Kwak was acquitted of the bribery charges by a Seoul court this February.
However, the Seoul Central District Prosecutors Office appealed the acquittal and opened the investigation against Kwak.