Reporting “Treasure Information, Quite True”`

Cha Jung-Il, head of the Special Prosecution team, presented a positive report on the 1st. The report stated that according to Mokpo Maritime Police’s underwater investigation, commanded by former National Intelligence Service (NIS) second deputy chief Uhm Ik-Jun in December 1999, the Mokpo NIS office reported that what the investors insisted on seemed to be `quite true`.

The report is drawing attention for contradicting what the former chief presidential secretary of the economy Lee Ki-Ho said: "I received report from deputy chief Uhm that the `treasure- deposit information was not true."

SP is assuming that former Korea Deposit Insurance Corporation (KDIC) managing director Lee Hyung-Taek’s hundreds of million won circulated through his own and `H` Bank’s false-name accounts in secret money, and is investigating the money’s origin and usage.

SP, especially, learned that Lee Yong-Ho provided portions of the money, and is investigating related figures.

SP is also thoroughly investigating how registered commission taxation was altered from 65 million won to 265 million won in the process of Lee Hyung-Taek’s sale of 27,000 Pyeong land in Chulwon, Kangwon to Lee Yong-Ho under 280 million won price in August, 2000.

SP also confirmed that apart from Cho Hung Capital, Lee Hyung-Taek requested favors from Cho Hung Bank president Wi Sung-Bok after Lee Yong-Ho asked him to help "buy leasing bonds of Cho Hung Capital owned by CH Bank at 62 percent of the official price."

Meanwhile, the review of Lee Hyung-Taek’s warrant was held at Seoul District Court on tje 1st, presided by Judge Lee Jae-Ho.

Lee Hyung Taek insisted during the review, "I thought the treasure excavation would profit the nation and that is why I got involved. After making the contract for a portion of the profit with the investors, I was going to get seriously involved in the business and resign from KDIC."

Lee also insisted, "The real estate deal with Lee Yong-Ho in August, 2000, was a normal deal with fair price. When I called the bank president Mr. Wi to help Lee Yong-Ho buy Cho Hung Capital, it was only a formality after Hur Ok-Seok (presently under arrest) requested that I do so."

myzodan@donga.com