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Arrest Warrant Sought for Pres. Lee`s Long-time Confidant

Arrest Warrant Sought for Pres. Lee`s Long-time Confidant

Posted May. 23, 2009 09:46,   


Prosecutors yesterday applied for an arrest warrant for Chun Shin-il on the suspicion of influence peddling to block a tax audit on former Taekwang Industry CEO Park Yeon-cha.

Chun, 66, is known as a close confidant and supporter of President Lee Myung-bak.

He is alleged to have accepted 150,000 yuan (18,500 U.S. dollars) from Park in last year`s Beijing Olympics as compensation for helping to block a tax audit on Taekwang. Chun is known to have pocketed 700 million won (561,000 dollars) through Park`s investment in Chun’s travel company.

Chun is also suspected of evading 8.5 billion won (6.8 million dollars) in transfer and capital gains taxes while trading stocks.

Prosecutors summoned him yesterday for the third time and grilled him on suspicions over violation of the Securities Trading Act, including the use of non-public information and stock price fixing.

Prosecutors will question him again Monday at the Seoul Central District Court to see if he warrants arrest.

Also grilled yesterday was main opposition Democratic Party lawmaker Choi Chul-kook, who is suspected of taking illegal political funds from Park in last year`s general elections.

In addition, Lee Jong-chan, President Lee`s former senior civil-affairs secretary, was grilled on the suspicion that 700 million won (562,000 dollars) he said he borrowed from Park and repaid in March 2003 has not been repaid.