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SK, Over 10 Billion Won as Slush Money

Posted October. 03, 2003 23:10,   


The central inspection team of the Supreme Public Prosecutor`s Office discovered that the chairman of SK Group, Son Keel-sung, created massive slush funds worth more than 10 billion won from it’s affiliate, SK Shipping Corporation. They also stated that the chairman provided part of the money to four or five politicians for the 2000 general elections and last year`s presidential election. He is under examination for more specific information.

The prosecution is also separately investigating about intelligence that people from SK offered bribes not only to the Millennium Democratic Party which is the present government party, but also to Grand National Party, the leading opposition party now.

The development is being watched with keen interest. If the secret information is found out to be true, the prosecution will investigate what is the character of the money and if SK wanted to obtain advantages from the political party.

The authority will send Son home considering he is the president of the Federation of Korean Industries. They will then decide the level of penal punishment after confirming all the fraud fund charges of SK Shipping Corporation.

Chairman Son admitted he gave money to politicians. However, he is denying related charges, saying, "The money from SK was a political routine, not a bribe."

Wi-Yong Jung viyonz@donga.com