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400 Billion Won Withdrawn from Three Branch Offices of KDB

400 Billion Won Withdrawn from Three Branch Offices of KDB

Posted September. 29, 2002 22:50,   

한국어

As for the allegation that Hyundai Merchant Marine Co. sent $400 million to the North, the opposition Grand National Party (GNP) Sept 29 urged for the National Assembly and the Board of the Audit and Inspection to conduct investigation into the three branches of the Korea Development Bank (KDB) from which the Hyundai shipping unit is alleged to have withdrew the money.

Rep. Lee Jae-o and Rep. Kim Mun-su at the GNP fact-finding team on the allegation held a press conference on the same day, in which they argued that on June 7, 2000, the main office of the KDB extended a loan of 100 billion won to Hyundai Merchant Marine, the Guro branch a loan of 100 billion won, the Yeouido branch office 200 billion won by check. They called on the Financial Supervisory Service (FSS) to track down the checks.

The two lawmakers also insisted that the total loan of 400 billion won offered by the KDB was omitted in the business report on the first half of Year 2000, which Hyundai Merchant Marine submitted to the FSS. They added that the National Intelligence Service (NIS) delivered the money to Pyongyang through foreign banks after money laundering from June 7, 2000 to June 11, and they already secured evidence for that.

Moreover, Rep. Kim hinted that they had contacted Kim Chung-sik, former president of Hyundai Merchant Marine, a key figure to the issue, noting that he could not say that a contact with him was not made.

Rhee Q-tack, floor leader of the GNP Sept 28 said, “If we fail to reach agreement with the Millennium Democratic Party (MDP) on the parliamentary inspection into the issue, we will consider submitting the written request for the inspection by ourselves.”

However, MDP spokesman Lee Nak-yeon brushed off the GNP argument, saying, ”The GNP is writing a detective novel given that GNP lawmakers have different information about where Hyundai withdrew the money and to whom it gave.”

MDP spokesman Lee said, “If the GNP argument proves wrong, GNP presidential candidate Lee Hoi-chang will have to give up his candidacy.”

The MDP held a general meeting, in which it designated the GNP argument as a fabrication by the cornered GNP and adopted a resolution insisting that Rep. Lee Hoi-chang should make it clear whether he wants war or peace on the Korean Peninsula.

Meanwhile, Hyundai Merchant Marine responded that it would take some time to figure out the flow of money at that time because it was a long time ago and withdrawal involving such loans takes place often. And the KDB noted that under the law on the real name financial transaction system, it could not release the information of whether the checks were withdrawn at that time.



Yeon-Wook Jung jyw11@donga.com