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$1.5 Million Found In Kim Woon-Yong’s House and Deposit Box

$1.5 Million Found In Kim Woon-Yong’s House and Deposit Box

Posted December. 19, 2003 23:24,   


A district public prosecutor’s office in Seoul revealed on December 19 that it confiscated from the house and bank safety deposit box of Kim Woon-yong, International Olympic Committee (IOC) vice-chairman, foreign currency equal to $1.5 million.

A prosecution source said, “Approximately $1 million was found in the process of search and seizure at Kim’s house and safety deposit box on December 10, and we are investigating the details and the source of that money,” adding, “If other foreign currencies such as euros and yen are added, the total amount of money found reaches $1.5 million.”

The prosecution is also conducting the extensive pursuit of Kim’s bank accounts, including those under false or borrowed names.

Particularly, it is investigating the suspicion that he improperly used part of $3 million that the IOC apportioned to the World Tae-kwon-do Federation in September 2000 after the Sydney Olympics ended.

In addition, the prosecution revealed that Kim received from Kim Hyun-woo, chairman of Adidas Korea, former chairman of the Korea Canoe Federation and former member of the Korean Olympic Committee (KOC), Adidas products and more than 500 million won that he had asked Kim for as the price for appointing him as a member of the KOC in 2001 when he was chairman of the Korea Sports Council (KSC) and KOC. It will summon and question him toward the end of this month and inflict criminal punishment should the charge be confirmed.

Concerning this, a source for Kim said, “Kim is just keeping the money intended for use by North Korea’s sports, as well as foreign currency left over from when he worked as vice-chairman of the IOC. These funds are not dirty, but has been in his custody for a while.”

Sang-Rok Lee Jin-Young Hwang myzodan@donga.com buddy@donga.com