BBK head reiterates resolve to fight for truth

By Kim Se-jeong

A Korean-American businessman who spent eight years in prison for a stock-rigging scandal that had implicated former President Lee Myung-bak criticized Lee for corruption and vowed to fight for the truth.

Kim Kyung-joon, the owner of the now-defunct BBK, said, “There’s so much corruption to be unveiled, and this includes former President Lee Myung-bak and his administration.” Kim made the remark arriving at the Los Angeles International Airport Wednesday (local time).

Asked if he had crucial evidence against Lee, Kim answered, “I am too tired to talk. I will tell you everything in one week.”

He flew back to LA where his family lives, immediately after being released ― he stayed one night at a detention center waiting for his flight.

Before his departure, Kim met Rep. Park Beom-kye of the Democratic Party of Korea. “He promised to share the legal documents involving the scandal with me,” Rep. Park told Yonhap News Agency, confirming Kim’s will to fight.

In 2009, Kim was convicted of embezzling 32 billion won ($28.6 million) in corporate funds, manipulating his firm BBK’s stock prices, forging passports and company documents, and spreading rumors about Lee. The Supreme Court upheld an eight-year prison sentence and 10 billion won ($8.9 million) fine.

Kim defended himself at the LA airport. “When it comes to the BBK scandal, people think I am guilty, but I am not. In fact, I have won many legal cases related to this scandal. It was the fault of the then ruling party and the real beneficiary was the Lee Myung-bak administration.” He briefly mentioned the former President Park Geun-hye, in connection with corruption.

BBK was an investment consulting firm owned by Kim.

Leading up to the presidential election in 2007, Kim who was under investigation for stock-rigging revealed the then-presidential candidate was the secret owner of the company and that Lee had amassed wealth through his clandestine business association.

The revelation rattled the country and hurt Lee’s campaign team.

Kim’s wife even held a press conference revealing a secret business contract between him and Lee, which later turned out to be fabricated.

An independent counsel team was formed to look into the allegations and eventually cleared Lee but indicted Kim. By then, Kim had been additionally charged with spreading false rumors about Lee, a violation of the Election Law.