<Anchor>



The panda team tracked down where the government money was leaking. There are entangled arguments that could lead to diplomatic issues, but it is questionable whether the government has managed the loans properly.



Continuing to be reporter Jung Young-tae.



<Reporter>



The assertion of Codeco confirmed through the Korea Energy Agency, which manages successful non-financial loans for Codeco, is as follows.



In the process of extending the contract period for the mine in 2011, they handed over half of their Madura oil field to Starrise for free under the pressure of a high-ranking Indonesian official.



The stake is valued at least 70 billion won.



It is argued that the money remitted to Starrise is a kind of dividend for the stake passed over, and the amount of money to be repaid to the government has decreased as their stake has decreased.



We were able to find a company called Starrise in the data released by the International Association of Investigative Journalists, which analyzed more than 210,000 paper companies in the so-called Panama Papers, or international tax havens.



Created in Seychelles, whoever it was, the Seychelles-based company and its shareholders were tracked.



According to the Panama Papers, it goes through other offshore companies and eventually converges to one person, Mr. E.



He was known as a giant in the Indonesian energy industry, including oil and gas.



We have contacted the Indonesian investigative media that followed and reported on this person.



The answer was, "I have a connection with a high-ranking Indonesian political party, and it is understood that he acted as a lobbyist to extend Codeco's contract at the time the Madura block contract was terminated in 2011."



It is a statement that is in line with Codeco's claim that the proceeds from the Madura oil field were not privately stolen, but even if that claim is true, it is a problem.



[Government official: If the share was transferred free of charge under pressure (from a high-ranking person), in a way, it could be viewed as a bribe or something like that? It can be expressed with black money... ]



The Ministry of Industry confirmed that the Indonesian government also does not recognize the change in equity.



Still, I was reluctant to explain further.



[Government official: (Is there anything the government is aware of about a company called Starrise?) It is difficult to say, so the position was settled.]



Codeco received a 'rejection of opinion' from external audits for several years.



Despite this opaque accounting data, the government and Korea Energy Corporation only relied on Codeco reporting on the revenue-expense data of the Madura mine, and did not conduct a separate investigation or on-site due diligence on the share change.



[Democratic Assemblyman Shin Jeong-hoon (National Assembly Trade, Industry and Energy Committee): (In relation to Star Rise) I think that it is necessary to find out the actual facts about the overall accounting as it can lead to corruption or foreign affairs.]



The Madura oil field contract There are still 10 years left, and the principal and interest of the loan that the Korean government has to get back has exceeded 300 billion won.



(Video editing: Jeong Seong-hoon, CG: Choi Jae-young, Eom So-min, VJ: Kim Jun-ho)