Opposition lawmakers say Hyundai loans were sent to intelligence body by check

The opposition Grand National Party claimed Sunday that Hyundai Merchant Marine withdrew money from three branches of its main creditor bank by check in June 2000 and handed the money to the National Intelligence Service. The claim contradicted a statement made by the Korea Development Bank and Hyundai Marine that the emergency loan of 490 billion won ($400 million) was used to repay debts and rent ships.

"I have confirmed that in June 2000, Hyundai Merchant Marine drew bank checks of 100 billion won from the Korea Development Bank main office, 100 billion won from the Guro branch and 200 billion won from the Yeouido branch, and handed the checks over to the intelligence service," said Lee Jae-oh, a GNP lawmaker. Mr. Lee demanded that the Financial Supervisory Service trace the bank checks to see if they ended up in North Korean accounts. The GNP said it would force an Assembly investigation and independent counsel to trace the checks if the demand is turned down.

Kim Moon-soo, another GNP lawmaker, said, "After the money was laundered, it was transferred to numerous overseas accounts and then to the accounts prearranged by the North." He said that officials at Korea Development and Hyundai Marine Merchant told him when and where the checks were issued. "But I cannot identify them because they are still working there," he added.

by Nam Jeong-ho