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Opposition Party Argued “Brother of First Lady is Involved in Insolvent Venture Business.”

Opposition Party Argued “Brother of First Lady is Involved in Insolvent Venture Business.”

Posted March. 01, 2002 10:30,   


Rep. Nam Kyung-Pil, the spokesperson of the Grand National Party, urged for the police investigation on Lee Seung-Ho, brother of First Lady, and other influential figures of the ruling party, arguing that they “intervened in the investment of an insolvent venture business and caused damages to the properties of innocent investors.”

Rep. Nam insisted that “Mr. Lee, Ministers, and lawmakers participated in the foundation ceremony of HandyTechKorea, Co. Ltd, the sales agency of fingerprint detection security system in August 2000, to attract the investors but the company vanished only a year after.”

At the foundation ceremony of HandyTechKorea, Kim Yoon-Gi, then Minister of Construction and Transportation, Rep. Chung Dae-Chul, Kim Won-Gil, Park Sang-Gyu, Kim Kyung-Jae, Seol Hoon (NMDP), and Lee Taek-Seok, Chief Secretary to the Prime Minister, attended.

HandyComKorea, which was the holding company of HandyTechKorea, collected investors around the ceremony and raised 3 billion won minimum but had suffered from the lack of sales and finally close the company after the tax of 300 million won was imposed by the exposure of the tax evasion at the end of 2001. Song Bong-Sup, CEO of HandyComKorea, Co. Ltd., left for China on November 2nd, 2001.

Rep. Nam said, “the prosecution must find out whether the participants were there simply to attract the investors or they received money or stocks as a reward.”

Lee Seung-Ho explained that “Cha Jung-Deok, CEO of HandyTechKorea, Co. Ltd., was a junior acquaintance and I went there to give a word of encouragement but I have never intervene into the business operation or had a share or reward from him.”

Other participants also said that “they attended the ceremony by the request of Mr. Lee or Mr. Cha but never received a share or reward.”

In-Soo Song issong@donga.com