Mr. Song Jae-bin Seems to Have Scattered 4.3 Billion Won for Lobbying

The special precinct 2 ( Cha Dong-min, Chief Prosecutor) in Seoul District Prosecution stated on 21st that it is clarifying if C.E.O of Tiger Pools International (TPI), Song Jae-bin used some of unidentified 4.3 billion won, which he embezzled from company and by selling stocks, for lobbying activity related to politics.

The prosecution delivered that Mr. Song embezzled 1.6 billion won such as money from capital increase with consideration from May, 2000~ September, 2001 and he took 7 billion won by selling 200,000 shares of TPI to Posco Group Company.

It is tracking where embezzled 200 million won and 4.1 billion won received from selling stocks is used, considering the possibility that it was used for lobbying.

Following the prosecution, 1.4 billion won among embezzled 1.6 billion won by Mr. Song was used for repaying debt and 2.9 billion won among the money from selling stocks was handed over to Mr. Choi Kyu-sun, C.E.O of Future City Environment and was used for Mr. Choi`s personal business expenditure as well as Mr. Kim Hong-gul`s buying of TPI stocks.

The prosecution also stated that it is investigating whether involved politicians in TPI conducted illegal lobbying activity receiving tens of thousands of stock option (a right of claim for purchasing stock), at the time of revising law for choosing sports lottery company and selecting the company.

It said, “ if involved politicians carried out lobbying activity for TPI, despite not being a regular staff and without receiving certain amount of salary regularly, it becomes problem”.

The prosecution is also identifying whether politicians of the ruling party and the opposition received aid from TPI to mediate in its business presentation or there was illegal action during the attending of the presentation.

Myoung-Gun Lee gun43@donga.com