A Korean-American businessman, a former business associate of South Korea's leading opposition presidential candidate, will arrive in Seoul next week in the custody of prosecutors, a lawmaker said Friday.
"I heard that Kim Kyung-joon is arriving in Seoul on the morning of Nov. 17," said Rep. Lee Bang-ho, secretary general of the main opposition Grand National Party (GNP), at a weekly meeting of the party's staff.
Prosecutors here have set up a team to investigate Kim's alleged stock manipulation and embezzlement of company funds.
He is alleged to have manipulated the stock prices of his now-defunct asset management company BBK by spreading false information and to have misappropriated company funds totaling 38 billion won ($42 million).
In May 2000, Lee Myung-bak, former Seoul mayor and the presidential nominee of the main opposition Grand National Party (GNP), and Kim jointly founded LK e-bank, a cyber merchant bank, with an investment of 3 billion won each.
Lee's opponents have alleged that BBK was capitalized 100 percent by LK e-bank and, hence, Lee must be involved in the stock fraud case.
Lee claims he is a victim, just one of investors.
"The whole pro-government circle is falsely accusing our candidate, as there is no chance for its candidates to win the presidential election fair and square," said the lawmaker. "We are ready to fight it. We will be running a task force of veteran lawyers beginning next week.
"If the prosecutors make any attempt to abuse the case politically, we will strongly protest. We, with our people, are prepared to fight against them," he added.