Kim Jung-hoe, vice governor of the Financial Supervisory Service, allegedly took the money from Kim Heung-ju, the former head of Grace Department Store in Seoul, the Yonhap news agency said. Kim Heung-ju, whose store went bankrupt three years ago, has been under investigation for alleged embezzlement and bad checks.
In 2001, Kim Heung-ju launched an unsuccessful takeover of the Gold Mutual Savings Bank. Prosecutors say Kim Jung-hoe, at the time in charge of overseeing non-bank financial institutions for FSS, introduced him to officials at Gold and tried to help him with the takeover.
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