The fall from grace of the special prosecutor

Park Young-soo, a former special counsel who gained fame for his role in putting former president Park Geun-hye in prison, was arrested last week for his involvement in so-called “5-billion-won club,” the exclusive inner circle that benefited from the Daejang-dong development project in Seongnam, Gyeonggi. The court accepted the prosecution’s second request for his arrest after rejecting the first one.

Park is accused of having received 800 million won ($611,621) upon the promise of 20 billion won in bribes and two apartment units from private developers behind the development project in 2014 while heading the board of Woori Bank in return for favors for the private developers. He received 300 million won to run for the chair of the Korea Bar Association in 2014 and 500 million won from Kim Man-bae, the owner of Hwacheondaeyu — the developer behind the Daejang-dong project — in return for helping out with a loan from the bank.

The prosecution also accused Park of violating the Improper Solicitation and Graft Act to collect 1.1 billion won from private developers together with his daughter. He destroyed his smartphone with a hammer to eliminate the evidence. Park also faces a trial for bribery after receiving a Porsche rental car for free from a businessman. Park is accused of pocketing 200 million won a year for his title as an adviser to the Daejang-dong developer.

It is shocking to see a once-well-respected lawyer’s epic fall from grace from implications with a string of illegalities and corruption. He had served senior posts in the prosecution as a senior prosecutor at the Seoul Central District Prosecutors’ Office and Supreme Prosecutors’ Office while commanding high-profile cases, including Lone Star’s fire-sale of Korea Exchange Bank and the Hyundai Group slush fund scandal. In 2016, he led the special counsel team to midwife the impeachment of former president Park. His glitzy public office career became shamed by shady deals with real estate developers.

Nearly two years have passed since the prosecution unveiled the so-called “5-billion-won club.” The prosecution must accelerate the investigation through the momentum of his arrest. Park also defended a broker accused of arranging an illegal loan of 110 billion won to Daejang-dong developers in 2011.

The prosecution must move on with its investigation of former Justice Kwon Soon-il, who was accused of ruling in favor of the Daejang-dong developer to get an adviser’s job at Hwacheondaeyu after retirement. The prosecution also must start an additional investigation on former lawmaker Kwak Sang-do based on recent questioning on his son if it really want to regain public confidence in the top law enforcement authority.