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Wang Young-yong Submitted False Report to National Assembly

Wang Young-yong Submitted False Report to National Assembly

Posted April. 26, 2005 23:32,   


It was revealed on April 26 that Wang Young-yong, the head of the project development division of the Korea National Railroad (KNR, currently the Korea Railroad), submitted a false report to the KNR and the National Assembly to claim the “feasibility” of the oilfield exploration deal, even after the contract was canceled, which cost Korea Rail part of its deposit payment in trying to acquire a Russian oil company.

“After the cancellation of the deal with Korea Crude Oil (KCO), Petrosakh was sold to a Russian firm financed by the largest British oil company, BP,” said Korea Rail in its report titled, “Sakhalin Oilfield Project Developments,” submitted to the Construction and Transportation Committee of the National Assembly on April 20.

“This indirectly confirms that we were not involved in a project that was not considered feasible,” argued Korea Rail.

However, Dong-a Ilbo contacted the TNK-BP, the group in charge of BP’s Russia projects, via the Korea National Oil Corporation (KNOC) that reviewed the acquisition of Petrosakh, and an official with the Korean oil refinery SK. It turned out that BP was totally irrelevant to the takeover deal.

Meanwhile, Jeon Dae-wol (43), the representative of Highend and real estate developer who led the investment in the Russian oilfield development project voluntarily appeared at the prosecutor’s office on April 26 after disappearing immediately after police issued an arrest warrant for him on April 7.

When asked, “Have you talked to Uri Party lawmaker Lee Gwang-jae over the phone in Russia?” Jeon, who appeared at the supreme prosecutors’ office with his lawyer, answered, “No.”