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.
SLS Group chief summoned again
By Lee Hyo-sik
A businessman claiming to have provided funds and entertainment to former vice culture minister and other aides to President Lee Myung-bak has turned himself in to the prosecution Monday.
SLS Group Chairman Lee Kook-chul appeared before the Seoul Central District Prosecutors’ Office in southern Seoul, carrying a suitcase and a briefcase.
He said the two bags contain evidence that will support his allegations against Shin Jae-min, former vice minister of culture, sports and tourism, and other confidants of President Lee.
A day before presenting himself to the prosecution, Lee held a press briefing to state fresh allegations that his broker bribed Justice Minister Kwon Jae-jin last year in exchange for business favors.
Lee said he hired a businessman in Daegu, also surnamed Lee, as an adviser to one of the group’s subsidiaries in April 2010 and had him contact politicians and influential figures. At the time, the train parts and vessel maker was under a debt workout program.
Lee said he decided to hire a “lobbyist” after concluding that the current administration had orchestrated schemes to destroy his business group.
“Last year, I asked him to contact Justice Minister Kwon, who was presidential secretary for civil affairs at the time, in a bid to seek favors in order to rescue my company. Through Lee, I also met a former Grand National Party lawmaker and another influential political figure to tell them my side of the story,” the chairman said. Lee also said he asked the two to convey his story to Cheong Wa Dae.
On Saturday, he made public the spending list of a corporate credit card which Lee claims Shin used. Lee was questioned for eight hours on Sept. 23.
The prosecution is trying to verify his claims that he gave Shin more than 1 billion won from June 2002 to August 2009.
The businessman has also alleged that he provided entertainment worth about 5 million won to Park Young-joon, former vice minister of knowledge economy during a trip to Japan.
Lee insisted that through Shin, he gave gift certificates to Lim Jae-hyun, the presidential secretary for policy publicity and Kwak Seung-joon, chief of a presidential council. Both Lim and Kwak have denied receiving anything.
In response to Lee’s allegations, Park held a press briefing Monday, insisting that he never received money or entertainment from SLS Group.
“When I visited Japan on May 22, 2009, an executive from the SLS group subsidiary there sat with me and others at a restaurant. But my acquaintance surnamed Kang paid for the meal and drinks, not Lee nor an SLS Group executive,” Park said, showing a credit card receipt signed by Kang.
Park added he has never met Lee nor spoke with him on the phone.