Ex-Pres. Roh TW loses lawsuit to regain control of company

Former President Roh Tae-woo on Friday lost a lawsuit he filed to “regain a company that his younger brother and nephew established with his slush funds.”

The Supreme Court said Friday that it upheld an appellate court decision that ruled in favor of the defendants in a suit Roh, 80, filed against three people, including younger brother Jae-woo, that sought to confirm the former president`s status as a company stakeholder.

The latest ruling said, “The fact that former President Roh provided 12 billion won (10.5 million U.S. dollars) to Roh Jae-woo is valid, but this money cannot be considered his delegation to the latter of all activities in establishing and operating the company,” adding, “Roh (Tae-woo) cannot be considered an actual stakeholder of the company.”

Roh Tae-woo paid 12 billion won in slush funds to his younger brother on two occasions in 1988 and 1991. The latter used the money to set up Aurora CS, a cold storage company.