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Kim Yun-kyu’s Corruption Related to Business with North Korea

Kim Yun-kyu’s Corruption Related to Business with North Korea

Posted August. 08, 2005 03:04,   


It was confirmed yesterday that the Hyundai Group is inviting Hyundai Asan vice chairman Kim Yun-kyu, who has been playing a leading role in business with North Korea, to resign after confirming that Kim committed personal corruption. This was revealed by the group’s internal inspection.

Given the fact that the corruption Kim committed is related to the Mt. Kumgang tour project into which the government’s financial assistance was injected, this incident is expected to cause controversial propositions.

Currently, the Hyundai Group plans to finish this incident by forcing Kim to step down from his position, but the prosecution’s investigation can be possible according to the character of his corruption.

One executive from Hyundai Group said, “Hyundai Group chairwoman Hyun Jung-eun issued an order to the inspection team of the group’s restructuring headquarters last month to conduct a special inspection to Hyundai Asan,” adding, “Through the inspection, the team found some problems in Kim’s operation of the project.”

The source also added, “The report on Kim’s personnel corruption was submitted to Hyundai Group chairwoman Hyun Jung-eun, and she is inviting Kim to resign now.”

Meanwhile, the Hyundai Group set its position regarding business with North Korea by saying, “Chairwomen Hyun met National Defense Committee Chairman Kim Jong Il of North Korea recently and the two reached an agreement on business related to North Korea. Therefore, Kim’s resignation will make little impact on ongoing business with North Korea.”

In order to obtain Kim’s position on this incident, the reporters of Dong-A Ilbo attempted to make contact with Kim, but in vain. After taking part in a memorial service for the late Chairman Chung Mong-hun, which was held at Changu-dong, Hanam, Gyeonggi-do last Thursday, Kim has made no response to any attempt for contact with him.

Kim has also made a trip to China from July 22 to August 2 to deal with his personal matters.

Joong-Hyun Park Sung-Won Joo sanjuck@donga.com swon@donga.com