Prosecutors said Tuesday that they have decided to indict the elder brother of former President Lee Myung-bak on influence peddling charges.

Still, prosecutors said they would not take Lee Sang-deuk, 80, into custody, taking into account his age and health, as he suffers from coronary artery stenosis.

Lee is suspected to have been involved in the appointment of the head of South Korea's top steelmaker POSCO and resolved one of company's key problems.

In return, Lee made POSCO give business contracts to three companies, including TM Tech., a small maintenance company owned by Lee's close acquaintance, according to prosecutors.

Lee denied the allegation of alleged influence peddling as he walked out of the Seoul Central District Prosecutors' Office in southern Seoul after a 14-hour interrogation earlier this month.

It has been three years since Lee was last summoned by prosecutors on bribery charges. He was found guilty by the Supreme Court and served 14 months in prison until September 2013. (Yonhap)