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Chung Denies Financial Aid to North Korea

Posted October. 04, 2002 23:02,   

한국어

Chung Mong-joon, chairman of the Board of Directors of Hyundai Asan said yesterday that unlike the Grand National Party`s claim, 400 billion won was not provided for North Korea, neither was it sent to North Korea. He added he would testify in front of the National Assembly when he returns to Korea on the 10th.

Chung left for the US on a business trip last month before being asked to testify before the National Assembly. Chung met with reporters at a hotel in Los Angeles and said that he was not engaged in lending the money.

Chung wearing a blue shirt and beige pants came across with reporters waiting for him at the lobby of the hotel. He declined to make a comment once.

Chung denied all allegations that he spent the 400 billion won to purchase shares of Hyundai affiliates. He added that the money was used to pay off debts on Hyundai Merchant Marine Co. since the company was having a financial difficulty mainly due to the poor performance of the Mt. Geumgang tour project.

Chung resumed business activity after being appointed as director of Hyundai Merchant Marine Co. in March. He said that his business trip to the US had been scheduled before the National Assembly asked to testify, and that he has consulted with related corporations in the US regarding the project to establish an industrial complex in Gaesung, North Korea. He also said that he has promoted the project on the occasion of the relinking the cross-border railroads and roads between South and North Korea.