Court grants arrest warrant for Korea Real Estate Investment & Trust manager on bribery charges

Prosecutors have taken a manager at Korea Real Estate Investment & Trust into custody on charges of accepting bribes from a pre-sale agency.

The Seoul Central District Prosecutors' Office's Anti-Corruption Investigation Unit 3, led by chief prosecutor Kim Jin-yong, applied for an arrest warrant against the manager, identified only as A, on July 10 on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes — specifically the provision on illicit receipt of benefits. A court granted the warrant Tuesday, citing concerns about flight risk and destruction of evidence.

According to prosecutors, A is suspected of receiving hundreds of millions of won in bribes from the head of a pre-sale agency with whom A had a business relationship. Under the law, executives and employees of financial institutions are subject to criminal punishment if they receive, demand or promise to accept money or other benefits in connection with their duties.

Earlier, the Financial Supervisory Service announced in May 2024 that major shareholders and executives of Korea Real Estate Investment & Trust and Korea Asset Trust had pursued personal gain through illegal and unsound practices, and referred the case to prosecutors. In December of that year, prosecutors indicted and detained executives of Korea Asset Trust on charges of accepting bribes from a pre-sale agency. In connection with the case, prosecutors also questioned employees of Korea Real Estate Investment & Trust and its affiliates as witnesses.