Former FSS bureau chief commits suicide

In relation to the Dongbang Mutual Savings and Finance Co.¡¯s illegal loan incident, former Financial Supervisory Service non-bank audit bureau first chief Chang Rae-Chan, who has a warrant out for his arrest, was found dead in room 203 of Hanjojang Motel in Kwanak-ku, Seoul at 3:50 pm on Tuesday.

An employee of the motel revealed, "Chang arrived alone in the early hours on Monday. When I saw no signs of him coming out, I knocked on his door and heard no reply. I opened the door and found him dead, hanging from a towel rack with a white nylon cord around his neck.¡±

At the site of the incident, a 2-page document explaining the Pyungchang Telecom and Communication stock acquisition and a 4-page letter elucidating his innocence were found.

Because of Chang¡¯s death, the prosecution investigation into the lobbying incident is likely to face further difficulty.

Chang went into hiding when the prosecution launched the investigation on Oct. 23 and there were no leads as to his whereabouts. Chang¡¯s relatives, who live in an apartment in Daechi-dong, have left their home and cannot be contacted.

During Chang's tenure as the FSS non-bank auditing bureau chief, he allegedly received more than 1 billion won in bribes from Lee Kyung-Ja, vice chairman of Dongbang. He was reappointed as the bureau chief for dispute arbitration in March and released from his position in September, and was receiving a training course at the Financial Research Institute.