South Korea's prosecution has indicted a former Busan city official on bribery charges.

The Seoul Eastern District Prosecutors' Office on Friday took the step against ex-Busan Vice Mayor Yoo Jae-soo.

Yoo, who formerly worked at the Financial Services Commission(FSC), is accused of taking 50 million won in bribes from three to four financial firms and ensuring their exemption from various state restrictions in return.

It is believed he also solicited his brother's employment during his term at the state regulator.

The prosecution, which is also probing allegations the presidential office intervened in a 2017 investigation of the bribery allegations, questioned members of the probe team at the time and several key ruling camp figures.

Former Justice Minister Cho Kuk, who was then the senior presidential secretary for civil affairs, is soon expected to be summoned for questioning.