Stock Price of Bragged Treasure Ship Was Looked over

It was indicated that the Ministry of Marine Affairs and Fisheries looked over the manipulation of the stock price by the rumors that the Donga Construction and the Samai Indus found `treasure ships` last year and May this year respectively.

Rep. Kwon O-Eul (GNP) of the Agriculture, Forestry, Maritime Affairs and Fisheries Committee of the National Assembly, revealed the related documents at the National Investigation yesterday, showing ``the amount of the gold bars weighed 500 kgs estimated about 5 billion won according to the excavation approval letter of the Donga Construction presented to the Korea Ocean Research and Development Institute in October 1999.``

Rep. Kwon asserted that ``while the Donga Construction leaked a rumor that the estimated reserve of the gold bar could be valued 10,000 times exaggerated 50 trillion won and eventually benefited 10 times mushroomed stock price from the rumor, the Ministry of Maritime Affairs and Fisheries stimulated the surge of stock price by making vague announcement that `no official document about the estimated price is verified yet` .``

He also added that ``the approval letter of Samai Indus shows that the estimated reserve of gold bars weigh about 101 kgs, valued 1 billion 50 million won. However, when Samai Indus spread a rumor that the company was savaging a treasure ship valued up to 20 trillion won to deceptively mushroom its stock price, the Ministry looked over the manipulation by releasing no comment on it.``

Rep. Park Yong-Ho (NMDP) indicated that ``the total excavation approvals numbers 11 in September. However, the investors have been confused by the estimated evaluation of the reserved from 100 million to 150 trillion.``

An authority of the Ministry of Maritime Affairs and Fisheries responded that ``the stock investment basically depends on the judgment of the investors. There was a limit for the Ministry to involved in the business by the private contract between the Donga Construction and Korea Ocean Research and Development Institute.``

The Ministry also revealed that ``the Donga Construction actually suspended its excavation of the treasure ship and whether treasures are loaded in the ship is very uncertain.``

kkh@donga.com