By Yun Suh-young
Kim Chan-kyung, chairman of the suspended Mirae Savings Bank and now in police custody, has proved himself to be a liar. He began 30 years ago by pretending to have studied at a prestigious college and went on to swindle a great deal of money.
When he was in his 20s, the 55-year-old head of the secondary lending firm, which has been closed due to its capital adequacy ratio being too low, pretended he was a student at the Department of Law at Seoul National University (SNU) and even asked a professor there to officiate his wedding.
He also acted as president of a student club at the law department.
He had apparently lied to an SNU student while serving in the military and, when he was discharged, associated with the student and attended the school pretending he went there.
His web of lies was uncovered just before graduation. In the process of publishing a graduation album, his student number and name turned out to be bogus.
Kim reportedly graduated from a middle school and passed a diploma-equivalent test before attending a junior college in Seongnam, Gyeonggi Province.
He is also said to have pocketed 16 million won from students as tutoring fees while in college and received a bank loan with his student house as security.
According to reports, he is a smooth talker and good at making friends.
Kim made a fortune in quarry development projects before building properties in Gangnam. During the 1997 currency crisis, he made a foray to acquire a finance firm and expanded Mirae through mergers and acquisitions at the cost of eroding the firm’s capital base.
The prosecution sought an arrest warrant for Kim Monday, after he was caught trying to sneak out of the country Thursday after pocketing company money.
He faces charges of violating anti-smuggling laws, breach of trust in company affairs and embezzling corporate funds.
Kim had attempted to smuggle 20 billion won he withdrew from his bank into China before the financial regulators suspended the business operations of the lender Sunday.
His attempt ended in vain, however, as the Coast Guard apprehended Kim at the port of Gungpyeong, Gyeonggi Province, late Thursday evening as he made an attempt to leave for China with the smuggled money. Kim was wearing a casual sports jacket and had 12 million won in cash.
Kim told the police his flight was a desperate attempt to avoid investigation by the prosecution and possible punishment.
Lee Un-joo, vice spokeswoman for the Democratic United Party (DUP) said Monday during a press briefing that Kim has been a delinquent borrower since 1998 and condemned the financial authorities for “entrusting 160 billion won into the hands of a delinquent borrower.”
Kim and a few other chairmen from savings banks that have seen their businesses operations suspended are banned from leaving the country and are being investigated by the prosecution.