Roh’s Alumnus Manages 130 Billion Won of Certificates of Deposit

Grand National Party lawmaker Hong Joon-pyo claimed Thursday that 130 billion won of suspicious political funds connected to President Roh Moo-hyun was found.

“We secured a certificate of deposit with a face value of 10 billion won issued on October 18, 2003 from a Hana Bank account. This CD matures on Feb 18,” Hong said.

“A securities company purchased the certificate. Additionally certificates of deposits worth 130 billion won are stashed in 13 accounts.”

Hong disclosed a copy of the certificate of deposit during Thursday’s plenary session of the National Assembly’s Legislation and Judiciary Committee saying, “A branch manager of a bank, who is a high school alumnus of President Roh, is managing the slush funds. It is also learned the manager had frequently met with Choi Do-sul, Lee Young-roh, Kim Jeong-min.”

Condemning the funds as the trunk of the Roh Moo-hyeon Gate, Hong argued that the certificates of deposit are being laundered for the April general elections, and demanded President Roh to “disclose the truth over the astronomical slush funds.”

“I will not only disclose further facts over the illicit funds in the next two or three rounds but also request special prosecutors conducting investigations into the president’s close aides to investigate the case,” Hong said.

In addition, Hong stated, “there are rumors that the size of the illicit political funds is about 500 billion won. And there are allegations that the securities company that bought the certificates of deposit received favors in the process of becoming a KOSDAQ listed company.”

In the meantime, Cheong Wa Dae Spokesman Yoon Tai-young refuted the allegations by saying, “They are totally groundless." Although Yoon said Cheong Wa Dae would welcome requesting the case to special prosecutors, he also said that Hong should take the blame for it, if his claim turns out to be groundless.

Min-Hyuk Park Jeong-Hun Kim mhpark@donga.com jnghn@donga.com