South Korean prosecutors indicted opposition leader Lee Jae-myung on Wednesday on corruption charges in a $1 billion property development scandal dating to his previous stint as a mayor, the Yonhap news agency said.

Lee, chair of the main opposition Democratic Party, who lost to President Yoon Suk-yeol in last year's election, faces several charges, including bribery, corruption, breach of trust and conflicts of interests, Yonhap said.

Prosecutors have sought to arrest him after an 18-month investigation into the 1.5 trillion won ($1.15 billion) construction project. Parliament, where Lee's party holds a majority, voted down a motion last month to waive immunity granted to lawmakers.