31 People Are Accused for Misappropriation of Public Funds

The Board of Audit and Inspection revealed the result of the special investigation on the operation and the supervision of the public funds, including the accusation and the request for the police investigation against 31 people about the misappropriation, bribes, or window dressing account.

The BAI also revealed in its report for the National Investigation that ``in addition to the first inspection from March through August, a supplementary inspection is now on the process. The BAI will make a report to the National Assembly after the completion of the inspection by the end of this month.``

The BAI hinted increased accusations, saying ``the supplementary inspection focuses on the hidden properties and the flight capitals of the owners and the employees of the insolvent companies. The BAI is considering of forfeiting their properties and exercising the judiciary power.``

The Board also added that ``the BAI is trying to find a way to improve the legal and administrative system to efficiently carry out the restructuring of the business and for the organized management of the public funds.``

The government has raised the public funds of 145 trillion won since the financial aid from the IMP in 1997 and has supported the business with 137.5 trillion won of it. The BAI has carried out inspections on the public fund managing organization including the Ministry of Finance and Economy, 10 major organizations to which the public fund provided, and the 77 workout firms.

Boo Hyung-Kwon bookum90@donga.com