Ex-president Lee Myung-bak was arrested on Thursday on charges of bribery, abuse of power, embezzlement, and tax evasion, Channel News Asia reported.
The former CEO turned president who served from 2008 to 2013 is the fourth South Korean leader to face corruption charges, following his detainment in early March.
Myung-bak is accused of accepting ₩2.2 billion (approximately US$2.2 million) from Lee Pal-sung for helping him become CEO of Woori Financial Group --a state-financed company.
Prosecutors initially alleged that he took just under US$2 million from the country’s intelligence agency, and received kickbacks from lawmakers, a Buddhist monk, and a construction company. However, the case has now extended back to 1994, when prosecutors claim Myung-bak began embezzling a total of US$32million from an auto-parts company he owned over the course of 12 years.
Myung-bak reportedly denied owning the company when prosecutors presented him with incriminating documents and testimony from family members.