Prosecution seeks Interpol¡¯s help in locating ex-Daewoo chief Kim

The Central Investigation Department of the Supreme Public Prosecutor¡¯s Office (SPPO) found a clue that hints at the method former Daewoo Group chairman Kim Woo-Choong used to create a slush fund amounting to at least a trillion won, sources said Sunday.

The prosecutors uncovered evidence that Kim, now in hiding overseas, amassed the fund using money from sales of his real estate here as well as from exports and overseas loans, and are investigating the exact size of the fund and how he spent it, they said.

They are questioning Lee Dong-Won, former vice president and chief of Daewoo Corp.¡¯s London branch, who managed the British Financial Center (BFC), which Kim set up as a secret financial organization. Prosecutors also arrested former managing director Lee Sang-Hoon about Kim`s suspected slush fund and hidden property.

The SPPO plans to confiscate Kim¡¯s property and impose fines on him. The prosecutors plan to uncover the precise extent of the property holdings, worth an estimated 1.2 trillion won, that he offered as a mortgage on Daewoo¡¯s workout programs. They also plan to look into the slush fund, which is said to total about $20 billion (about 25 trillion won), he allegedly managed in about 30 accounts at the BFC.

The SPPO, acknowledging that Kim is not likely to return home voluntarily, has decided to seek his apprehension through cooperation with Interpol.

Kim is believed to be staying in either Germany, France, Morocco or Sudan, the sources said.