Former special counsel Park Young-soo appeared for a court hearing held Thursday to determine whether he should be arrested over corruption allegations related to a high-profile land development scandal.

The former special counsel is suspected of taking 800 million won ($611,000) from private developers in return for helping their project to develop the Daejang-dong district in Seongnam, just south of Seoul, into apartment complexes in 2014, when he served as the chair of the Woori Bank board of directors.

"I am confident that the truth will be revealed soon," Park told reporters before attending the hearing at the Seoul Central District Court, denying allegations that he peddled influence at the bank for the sake of the project.

A court decision is expected to come out as early as Thursday night.

Prosecutors also suspect that Park conspired with his former assistant, Yang Jae-sik, and both were promised profits of 20 billion won and two properties. Later, the promised profits allegedly decreased to 5 billion won after the bank's role in the project was reduced.

Park is one of the prominent individuals involved in the "5 billion club." They were each promised 5 billion won by asset management firm Hwacheon Daeyu, which gained astronomical profits from the project. Other figures allegedly include former ruling party lawmaker Kwak Sang-do and former Prosecutor General Kim Soo-nam.

Park gained fame after investigating the corruption scandal involving former President Park Geun-hye as a special counsel in 2017. She was eventually ousted following an indictment and conviction. Yang also participated in the investigation. (Yonhap)