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Former Woori Financial Group Chairman Son Tae-seung Undergoing Warrant Review (Photo = Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] A Seoul court has rejected the arrest warrant for former Woori Financial Group Chairman Son Tae-seung, who is accused of providing improper loans totaling hundreds of billions of won to his relatives and associated companies.
On the 26th, Judge Jeong Won of the Seoul Southern District Court ruled that, after a hearing, the prosecution had not sufficiently proven the specifics of Son’s involvement or conspiracy in the alleged crimes. The judge stated that there was a need to protect Son's right to defend himself, as there is room for dispute over the charges. Furthermore, although there were suspicions of false testimony and evidence tampering in the past, the court concluded that there was no immediate risk of him fleeing or destroying evidence, thus rejecting the arrest warrant.
The prosecution had been investigating Son for allegedly being involved in the approval of 45 billion won in improper loans to businesses linked to his family members from April 2020 to January 2023. They argued that Son’s influence played a role in Woori Bank’s failure to properly verify the loan documents or assess collateral and guarantees.
This investigation started after the Financial Supervisory Service (FSS) discovered improper loans amounting to 35 billion won granted to Son’s relatives, with the prosecution later uncovering an additional 100 billion won in illegal loans.
With the arrest warrant rejected, the prosecution’s investigation may face delays.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
