Kim Sang-jin Borrows W265 Billion without Property Assessment

It was revealed on Thursday that banks skipped the land expropriation procedure or rubber-stamped the borrowing procedure for the construction of amusement parks located in Yeonje-gu and Suyeong-gu, Busan.

Kookmin Bank and Woori Bank did not assess the required real estate value of a company only identified as ‘I’ when they approved loans for a total amount of 265 billion won last June, according to reports made on Thursday by the financial and construction industry.

Although Pusan Bank appraised the real estate of S company which Kim established in May for the Millak-dong reconstruction project, it eventually calculated the size of the loan solely basely on the value of the development. In response, prosecutors have been focusing their investigation on the process of granting the loans as they believe it will lead to the core of Kim’s lobbies for the two construction projects.

“The investigation is focused on disclosing allegations raised in the process of carrying out the Yeonsan-dong and Millak-dong development projects. We also included the Millak-dong development project as one of our investigation’s key targets.”

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