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RETAIL BANKING | Cesar Tordesillas, Korea

Prosecutors seek repatriation of Busan Bank's lobbyist from Canada

South Korea's prosecution will speed up the repatriation from Canada of a key lobbyist for Busan Savings Bank to probe his role in a massive influence-peddling scandal.

Park Tae-gyu, 71, is suspected of helping corruption-ridden Busan Savings Bank lobby senior officials and politicians so that the lender could avoid a suspension of operations, officials at the Supreme Prosecutors' Office said.

Park is also accused of raising 100 billion won or US$92.5 million in funds from a scholarship foundation and a local college by issuing new shares using his personal network, thereby inflicting damage to investors.

 As the investigation on the scandal drags on due to the absence of the key suspect, South Korea's new prosecutor general Han Sang-dae assigned seven more veteran prosecutors to the case, officials noted.

   Prosecutors have asked Canadian authorities and Interpol to cooperate in the search for Park and his repatriation to South Korea, officials said, adding that they are also seeking help from Canadian immigration authorities.

The full story is availoable at Yonhap News.

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