‘Divorce of the Century’ Triggers Investigation... Residence of Roh Tae-woo's Wife Searched Over 90.4 Billion Won Slush Fund Memo

'904 Billion Won Slush Fund' Revealed in Chey Taewon and Noh Soyoung's Divorce Lawsuit
Prosecutors Search the Home of Kim Oksook

Kim Ok-sook, the wife of late former President Roh Tae-woo, is entering the funeral hall of former President Roh Tae-woo at Seoul National University Hospital in Jongno-gu, Seoul on the 28th. Photo by Joint Press Corps

In connection with the 'allegation of slush fund concealment by the family of former President Roh Tae-woo', which surfaced during the divorce proceedings between SK Group Chairman Chey Tae-won and Noh So-young, director of Art Center Nabi, prosecutors have launched a compulsory investigation into the home of Kim Ok-sook, the wife of the late President Roh.

On August 21, the Criminal Proceeds Recovery Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor So Jungsoo) conducted a search and seizure of Kim's residence in Yeonhui-dong, Seoul, where she is staying, to verify suspicions of slush fund concealment and tax evasion by the former president's family.

The targets of the investigation on this day also included the East Asia Cultural Foundation—where Roh's son, Roh Jae-heon, serves as chairman—the Roh Tae-woo Center, and the homes of former secretaries who are suspected of having provided bank accounts under borrowed names during the creation of the slush fund in the past.

The key piece of evidence in this investigation is the so-called 'Kim Ok-sook Memo', which was submitted as evidence by Director Noh's side during the divorce lawsuit. Prosecutors have been focusing their efforts on verifying the authenticity and date of the memo, which details about 90.4 billion won in slush funds. Director Noh's side claimed, based on this memo, that 30 billion won of the former president's funds were delivered to Choi Jonghyun, the late SK Group chairman and in-law, and used to support SK Group's business operations, including the acquisition of Pacific Securities.

Previously, the May 18 Memorial Foundation and other organizations filed a report with prosecutors against the former president's family, prompting a full-scale investigation. As soon as prosecutors complete their review of the seized materials collected today, they plan to summon the parties involved one by one for further questioning.

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