Kim Kyung-joon Hits Prosecutors
By Bae Ji-sook
Staff Reporter
Kim Kyung-joon, the former head of the investment firm BBK, denied all allegations Monday that he orchestrated stock manipulation and embezzled company money.
At the first hearing of his trial, Kim, also the former business partner of President-elect Lee Myung-bak, said that prosecutors were only wasting taxpayer's money and time trying to prove something that was untrue.
The President-elect was cleared of all charges that he took part in the rigging of BBK stock prices, leaving Kim to face the music alone.
The accused, represented by lawyer Park Chan-jong and three others, claimed prosecutors alternatively tried to persuade or threaten him during questioning. ``They broke principles and violated the individual freedom guaranteed in the Constitution. As an American, I cannot stand it. If you allow me bail, I will give more details on their wrongdoings,'' he said to the judge.
Kim spent most of his time denying the prosecution's charges, saying there was too much disinformation in the case. He said he bought the company shares through a tender offer to take over the company, which briefly boosted its stock price. But he added that was a natural reaction and was not ``stock manipulation.''
Introducing himself as an ``American citizen,'' he said the company he established was a foreign company regardless of whether or not it was a paper company. ``I have never tried to promote or advertise the investment. Labeling the company as a foreign one is not a lie either,'' he said.
Regarding the embezzlement charges, he said, ``A U.S. court has already cleared me of fraud and embezzlement.'' His lawyer also added, ``Among the 31.9 billion won alleged to have been embezzled, most was given back to BBK investors and the rest was used in stock deals.''
Kim claimed he had no knowledge of forged passports and corporate documents as his staff did all his clerical work.
However, the prosecution immediately rebuffed his statement. ``Kim used Optional Ventures Korea to invest money for other uses ― to pay off BBK investment money ― which is embezzlement. Also, all the staff at Optional Ventures Korea said Kim masterminded the plot,'' they said alleging that Kim was trying to manipulate the trial.