South Korea's government on Monday decided to dismiss a high ranking prosecutor who has been indicted on charges of suspicious stock transactions and bribery allegations.

Following the decision made by a disciplinary committee at the Ministry of Justice, Jin Kyung-joon became the first incumbent prosecutor at a level comparable to a vice minister to ever be relieved from his post. The ministry said the decision is unprecedented in the 68-year history of the state prosecutor's office.

In late July, prosecutors indicted Jin on charges of receiving over 950 million won (US$856,000) in bribes from Kim Jung-ju, the founder of the country's leading online game maker Nexon Co.

The case came to light early this year as the superintendent-level prosecutor reported a sharp increase in his personal wealth in 2015. All ranking government officials and lawmakers are required to disclose changes in their personal wealth annually.

Kim allegedly gave 425 million won of Nexon assets to Jin in 2005 for him to buy 10,000 shares of the company, which ultimately helped the senior prosecutor to amass some billions of won in profit through stock transactions by 2015. Kim later gave another 425 million won to Jin so that he could pay back the money borrowed from the company.

Jin is also suspected of receiving over 50 million won from Kim between 2005 and 2014 for his family's travel expenses and pocketing another 30 million won to take over a car leased by Kim's company. (Yonhap)