Hwang Yong-Bae Arrested for the Charge 0f Large Amount 0f Bribery

The Seoul District Prosecution`s special division one (prosecutor Park Young-Kwan) arrested the former general officer of the Asia Pacific Foundation Hwang Yong-Bae (62) in charge of receiving 250 million won from a company for settling down the Financial Supervisory Service (FSS)`s investigation on the stock prices.

When Mr. Hwang`s son-in-law (under detention) Mr. Yang and Yang`s friend Namgung Bon (under detention), the representative of the Suhneung Company, began to be investigated by the FSS for the charge of making profit by using unpublicized stock information and manipulating the company`s stock prices, Mr. Hwang received 250 million won throughout three times along with the favor that Mr. Yang would not be punished.

The prosecution is focusing its investigation on whether Mr. Hwang lobbied to settle down the FSS investigation on the Suhneung Company by using his close relationship with people in the ruling party since Mr. Hwang has been an executive auditor of the Korea Racing Association as well as leading official of the Asia Pacific Foundation.

Two other people including Mr. Yang were all reported by the FSS to the prosecution for the charge of stock investment by using unpublicized stock information. They were arrested on November 28th.

Jung Wi-Yong viyonz@donga.com