Prosecutors raid Kim Ok-sook's residence over Roh Tae-woo slush fund allegations

The Seoul Central District Prosecutors' Office has launched a search and seizure operation targeting the residence of Kim Ok-sook, the widow of former South Korean President Roh Tae-woo. The investigation focuses on allegations of violating the Act on Regulation and Punishment of Concealment of Criminal Proceeds and tax evasion.

The probe follows a complaint filed by the May 18 Memorial Foundation. The investigation also includes the East Asia Cultural Foundation and the Roh Tae-woo Center, both of which are chaired by Roh Jae-heon, the son of the former president. Additionally, prosecutors are searching the homes of former secretaries suspected of providing borrowed-name accounts.

The allegations resurfaced during the divorce proceedings between SK Group Chairman Chey Tae-won and Roh So-young, director of Art Center Nabi. Roh So-young submitted a 'Kim Ok-sook memo' as evidence, claiming it detailed approximately 90.4 billion won in funds. Her legal team argues that 30 billion won of Roh Tae-woo’s funds were transferred to the late SK Group founder Chung Se-yoon to support the group's business activities, including the acquisition of Pacific Securities.

While Chey Tae-won’s side maintains that any funds were merely promised post-presidency activity expenses rather than illicit slush funds, prosecutors aim to trace the flow of money to determine if the funds constitute criminal proceeds and if the statute of limitations for concealment has been met.