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High-level Official Involved in Min Fund

Posted February. 02, 2004 22:48,   


“I attracted 65.3 billion won of investment money without any investment contract or plan,” insisted Min Kyung-chan, a 44-year-old brother-in-law of Roh’s elder brother, during the investigation by the Financial Supervisory Service (FSS).

The doubts over the Min Kyung-chan fund scandal is amplifying as the FSS, in regard to the remark, said, “It is realistically inadmissible.”

Cheong Wa Dae found the case possibly related to illegal acts and announced it would start a more intensive investigation as the police headquarters has started a secret investigation.

In addition, the Millennium Democratic Party (MDP) added an opinion that a high-level official above the vice minister level of the current regime was involved in the Min fund as the Grand National Party (GNP) pressed for an investigation by the prosecution, saying that the FSS’ investigation is incomplete.

According to what Shin Hae-yong, head of the FSS asset management department who has investigated Min, said on February 2 at a press interview, Min said, “I attracted 65.3 billion won of investment from 47 individual investors in two months since last November.”

It was also known at the interview that Min insisted that “the investors are those who invested because they believed in me, but I do not know them and cannot say who they are right now even though I know them” while admitting that he has attracted the amount.

He also said that there was no investment contract or investment plan but did not say how the money is being currently treated.

Regarding the remark, Shin responded to a question of whether or not he has seen a case where investors made investments without a contract or knowing the plan, saying, “As long as I am concerned, there was no such case,” which gives rise to the credibility of Min’s statement.

Shin also said, “We could not prove only with his testimony that he violated related laws by guaranteeing an original amount and high interest while attracting people to the fund,” adding, “We have reported this case to Cheong Wa Dae.”

Chief Secretary of Civil Affairs to the President Moon Jae-in said, “Min is insisting that it was all legal, but we found illegal parts in the case and are currently proceeding an investigation,” and added, “We are having a difficult time since Min is not very cooperative, but we will press for a tight investigation anyhow.”

Also, the Special Investigation Team of the police headquarters has started a secret investigation by an unofficial request from the Secretarial Office of Civil Affairs to the President the same day.

“We received a phone call to investigate the case from an official at the Secretarial Office and started to collect related documents and intelligence,” said an official at the Headquarters.

“We have secured proof and testimony that a high official above the vice minister level of the current regime is deeply involved in the Min fund. We will publicize this as soon as a public hearing of the Judiciary and Legislation Committee begins.” Vice Head Spokesperson of the MDP Chang Chun-hyun said.

He added, “The proof is the account that the transactions were made between high official A and Min, but A did not make direct investments,” which hinted that A has either played a role or given a hand in the investment attraction

“Even though the Financial Supervisory Service has reported investigation results, the contents are only partial. The prosecution has to start up an official investigation,” insisted GNP Spokesperson Park Jin.