Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
President Lees friend returns home for inquiry
By Lee Hyo-sik
Chun Shin-il, the chairman of Sejoong Namo Tour, returned home Tuesday from Japan where he had been staying since August to evade the prosecution’s investigation over his alleged involvement in an influence-peddling scandal.
Chun, known to have been a close friend of President Lee Myung-bak over the past several decades, headed straight to the hospital after arriving at Incheon International Airport at 8:45 a.m. Tuesday morning, citing his worsening chronic illness.
Over the past three months, he had been asked by the prosecution to face questioning over allegations that he had received 4 billion won in cash and gift vouchers from Lee Su-wu, head of Imcheon Industry, a subcontractor of Daewoo Shipbuilding and Marine Industries. In return, Chun allegedly used his influence so the company could tap 100 billion won in bank loans in 2005 and another 20 billion won in 2008.
The chairman flew to Japan in August five days before Imcheon head Lee was questioned by prosecutors, citing business affairs and treatments for his chronic illness.
The Seoul Central Prosecutors’ Office plans to summon him for questioning as early as today.
“Chairman Chun came home from Japan Tuesday morning. We have not yet decided when to call him in for questioning but we would like to do so as quickly as possible,” an official from the office said.
Another official also said Chun will likely appear before the prosecution this week. On Oct. 28, prosecutors raided Chun’s company headquarters in central Seoul and his private office in southern Seoul, seizing accounting books and computer files.
Chun has reportedly completed the payment of about 18.5 billion won in back taxes before returning to Korea. The prosecution is expected to seek an arrest warrant for Chun on bribery and other charges.