Ruling Saenuri Party Lawmaker Song Kwang-ho will remain immune from arrest for the remainder of the 100-day, regular parliamentary session.
"Among a total of 223 votes, 73 are in favor, 118 are against, 8 have abstained and 24 are invalid. The arrest motion for Lawmaker Song Kwang-ho is rejected."
The four-term lawmaker stands accused of taking some 63-thousand U.S. dollars in bribes in 2012 from local railway supplier AVT in exchange for business favors.
At the time, Song was the chairman of the parliamentary land and maritime committee, which oversees the Korea Rail Network Authority.
Before the plenary vote, Song was given a chance to make a personal address.
"I have been accused of taking bribes from a train component maker. But I have never been asked to give favors to any railway parts supplier and have never pressured them for money."
By law, Korean lawmakers are immune from arrest during parliamentary sessions.
If Wednesday's motion had passed, Song's immunity would have been stripped.
The stage for today's vote was set by a prosecution-led, anti-corruption campaign.
The ruling Saenuri Party said it would not stand in the way of the investigation.
"Regarding the hundreds of pending bills related to stimulating the economy, they went untouched during Wednesday's plenary session, as the rival parties continued their discord over the special Sewol-ho ferry bill.
Ji Myung-kil, Arirang News."