By Kim Rahn
Staff Reporter
Tens of billions of won of Samsung's alleged slush fund are suspected of having been transferred into accounts of Shinsegae Group Chairwoman Lee Myung-hee, the sister of Samsung Chairman Lee Kun-hee, according to officials from the independent counsel investigating the group.
The counsel is expected to expand the investigation to Lee's relatives.
Investigators working for special prosecutor Cho Joon-woong said Monday they found that about 30 billion won ($32 million) of slush fund had been moved into the accounts of Chairwoman Lee, from bank and stock accounts which Samsung allegedly opened under its executives' names. The team recently concluded that Samsung opened about 3,000 accounts using 1,300 executives' names.
About 50 accounts were used in the money transfer, each moving between 600 million won and 1 billion won. Considering the money was from the false-name accounts, the team suspects it is part of the conglomerate's slush funds and plans to question Shinsegae executives, including the chairwoman.
The chairwoman is also suspected of having purchased expensive paintings along with her sister-in-law ― Samsung chairman's wife Hong Ra-hee ― with money from the slush funds. The independent counsel will also look into whether some of the 30 billion won in the chairwoman's account was used for the purchase of art pieces.
If the money is proven to be part of Samsung's slush funds, the probe will be expanded not only to the chairman's wife and children, including his only son Jae-yong, but also his siblings and other relatives.
Samsung claimed the chairwoman inherited the 30 billion won from her father, Samsung Group founder Lee Byung-chul, when he passed away in 1987. As the law banning false-name financial transaction was established in 1993 after the founder's death, there was no legal problem if she kept the money in false-name accounts at that time.
The group also claimed she sent the money to her real-name accounts a few years ago and paid donation tax.
The counsel is also looking into another allegation that five Samsung affiliates, including Samsung Corp. and Samsung Heavy Industries, allegedly raised slush funds through accounting fraud. A former Samsung lawyer claimed earlier that the affiliates amassed 7.2 trillion won in slush funds.