Mr. Lee Ik-Chi Insisted in Tokyo “Fundamental Verification on Chung Is Required”

Lee Ik-Chi, Ex Chairman of Hyundai Securities, who has been restrained and prosecuted for the manipulation of security price and stays overseas had press interview in Tokyo at 27th and insisted on the necessity to investigate Chung Mong-jun (Advisor of Hyundai Heavy Industry), candidate of ‘People Unification 21’ for the presidency completely.

Mr. Lee, who stayed in Huston of Texas in US temporary and visited Japan, insisted about the manipulation of the share price of Hyundai Electronics, “Hyundai heavy Industries shifts all of the responsibility on to me, Mr. Chung should be honest about it.”

He said, “It was not true that Hyundai Securities used the fund of Hyundai subsidies such as Hyundai Heavy Industries to manipulate the share price of Hyundai Electronics when I was in the post of Chairman of Hyundai Security in 1998,” and added “The use of fund was decided at the level of Strategic Planning Team of Hyundai group.”

He indicated, “Hyundai Heavy Industries invested 180 billion won to purchase of new issued shares of Hyundai Electronics, and the amount couldn`t be used for the purpose without Mr. Chung`s permission.” Park Chul-jae, Executive of Hyundai Securities at that time, who was responsible for the purchase and one of Chung`s friends, promoted as senior Executive of Hyundai Heavy Industries later on. However, Mr. Lee added that he didn’t know whether it would be illegal and manipulation of share price or not, if Hyundai Heavy Industries purchased Hyundai Electronics` shares directly.

About his acknowledgement of his mobilization of fund after restrained answered “At that day when I appear at the Attorney General, Honorary Chairman ordered me to protect the candidate Chung.” And he denied all the fact that he acknowledged to the Attorney General.

He also mentioned, “I heard that Candidate Chung has some characteristic problems such as lynching his secretary.” And he insisted he should be verified completely.

He said, “I don`t know.“ about 400 billion support by Industrial Bank to Hyundai Merchant Marine, but mentioned “At that time, Hyundai Merchant Marine was under very difficult circumstance because the business for North Korea didn`t progress properly.

About his involvement in transferring fund to North Korea, he denied saying, “I am not absolutely.” He also mentioned that he would come back Korea before the general election.

About Mr. Lee` mentions, candidate Chung said, “It is non- sense.”

Hong Yun-oh, responsible for Official Reports of Chung`s side, said, “Three years ago, Lee Hoi-chang, candidate of the Grand National Party mentioned twice that Chung Joo-young, Honorary Chairman, Chung Mong-go, chairman of Hyundai Motors, candidate Chung and other Chung` s family should be responsible for the manipulation of share price of Hyundai Group. So the family considered sue twice.”

He added, “Mr. Lee`s speech before the general election maybe implies some political purpose.”

Young-Ee Lee Seung-Heon Lee yes202@donga.com ddr@donga.com