Warrant For Wang Young-yong To Be Issued Possibly As Early As Today

On April 28, the Seoul District Prosecutor’s Office’s Third Special Investigation Department (chief prosecutor: Hong Man-pyo) brought Wang Young-yong, chief of the project development division before the court. Wang played a major role in the investment process of KNR and is being investigated as the prosecutors’ office has been investigating the suspected oil field investment case in Russia. The Public Prosecutors’ Office immediately arrested Wang, who is under suspected of misappropriation and falsification of documents, and is reviewing measures to issue arrest warrants as early as April 29.

Regarding the part on “rebates” mentioned in a transcribed tape submitted by Mr. Jeon in which a conversation between Jeon Dae-wol (arrested, 43), the CEO of Highend Group, and Heo Mun-seok, a geologist, was recorded, the Public Prosecutors’ Office said, “Based on the contents in the transcribed tape, the part mentioning a rebate was intended as reward for participating in the oil field project, which is nothing serious.”

Meanwhile, as of April 27, it was identified that so far, as many as 13 cases have been reported to the Public Prosecutors’ Office on various complaints and accusations against Jeon. One official at the office said, “I wonder how KNR, a public entity, could have carried out such a huge project with this kind of person without proper prior verification.”

According to the Seoul District Prosecutor’s Office, 13 cases have been filed against him: he was sentenced to a 10-month jail term and a three-year probation after being convicted of falsifying documents by the Seoul High Court in April 1983. He was also taken into Bundang Police Station in Seongnam, Gyeonggi Province and charged with issuing bad checks worth 3.9 billion won this February.

Jin-Young Hwang buddy@donga.com