The fugitive former chairman of Ssangbangwool Group, Kim Seong-tae, who was arrested on Tuesday in Thailand, will likely return to his home country Friday or Saturday.

According to legal circles and the group, right after his arrest at a golf club, Kim denied allegations that he has been staying in Thailand illegally and sought to avoid deportation through a lawsuit. However, on Thursday he retracted his initial request and told authorities that he intends to return to South Korea voluntarily.

A Ssangbangwool official said that Kim apparently deemed that a lawsuit in Thailand would be of no practical use.

Kim's passport was now invalid due to an Interpol Red Notice. The company official said that if an emergency passport is issued, he will likely board a flight on Friday and return that day or Saturday.

Kim will likely arrive on a flight to Incheon International Airport.

The former business chief is facing a number of corruption charges in South Korea, including embezzlement, payment of Democratic Party chief Lee Jae-myung's legal fees by proxy and the transfer of cash remittance to North Korea.

Source: KBS World Radio