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Huge sum found in account linked to late president`s brother

Huge sum found in account linked to late president`s brother

Posted May. 19, 2012 07:38,   


Prosecutors have found tens of millions of dollars in a bank account related to the older brother of the late former President Roh Moo-hyun, and are looking for the account`s owner.

The account is assumed be owned by a fund manager of Roh Geon-pyeong, who is suspected of influence peddling and embezzlement.

Lee Joon-myeong, a senior prosecutor at the Changwon District Public Prosecutors` Office, told reporters Friday, "We`ve discovered a suspicious bank account of an acquaintance of Roh Geon-pyeong. A huge amount of money incomparable to the sum that we found while tracing funds has been deposited in and withdrawn from the account."

"The funds in the bank account are under 50 billion won (4.3 million U.S. dollars)," Lee said, adding, "Money had frequently been deposited in and withdrawn from the account for about four years since 2004, but transactions were stopped in May 2008, three months after former President Roh left office. Given the many transactions between the account owner and Roh Geon-pyeong, we suspect that the owner is the latter`s fund manager." The owner of the bank account is known to be in his 50s.

Prosecutors found the account while probing Roh Geon-pyeong, who is known to have used the profits that his company gained for personal use. The company earned the money by setting up a plant and selling it on land near an industrial complex in Gimhae, South Gyeongsang Province, purchased from Taekwang Industry Chairman Park Yeon-cha.

Prosecutors, however, emphasized that the money apparently has no relation to the late former president. Lee said, "We found no connection with the former president and his children," adding, "We understand that this is due to those who sought to use the former president."

On this, Roh Geon-pyeong`s attorney Jeong Jae-seong said, "We`ve never heard of the huge amount of money. This is preposterous," adding, "We will officially raise issue with prosecutors who mention things that go against common sense."

Separately, prosecutors next week will indict Roh Geon-pyeong on the charges of accepting 300 million won (256,000 dollars) in return for helping a reclamation project in Tongyeong, South Gyeongsang Province, and embezzling 87.5 million won (748,000 dollars).