[Soup] 'Kim Jong-un's personal letter' that Ssangbang-ul received

The SBS Investigation Reporting Department <Panda to the End> team covered and reported new facts related to the suspicion of remittances to North Korea by the Ssangbangbang Group last week.

The Ssangbangwool Group is currently under investigation for allegedly sending 6.4 million dollars to North Korea by mobilizing dozens of its employees.

He is also accused of promoting business in North Korea through former Vice-Governor of Peace in Gyeonggi-do Hwa-young Lee and Bu-soo Ahn, president of the Asia-Pacific Peace Exchange Association, and paying an unfair price.

In this situation, it is known through the SBS report that the prosecution has secured multiple statements and evidence that 'Ssangbangwool Kim Seong-tae received several personal letters from the highest level, such as North Korean leader Kim Jong-un and Kim Yong-chul, and used them for business.

▶ [Sell to the end] "Kim Seong-tae showed off that he had received a personal letter from Kim Jong-un" (SBS 8 News report on December 1st)

why is it important

The allegations that the Ssangbangwool Group colluded with domestic politicians to promote projects in North Korea, and that illicit payments were exchanged in the process, have been known through existing media reports.

However, the statement and evidence that former Chairman Kim Seong-tae of Ssangbangwool went beyond simply promoting projects in North Korea and received a personal letter from Kim Jong-un, North Korea's 'highest dignity' and used it to expand his business has a different meaning.

Experts say that it is very unusual for a South Korean businessman to receive a personal letter from Kim Yong-cheol, who oversaw North Korea's South Korean policy, as well as Kim Jong-un, the 'highest dignity'.

Prosecutors investigating the case believe that there must have been a lot of communication between North Korea and the double drop in order for the top leadership representing the North Korean system to send a personal letter to Kim Seong-tae of the double drop.

Furthermore, it is believed that the intervention of people with political influence would have been essential.

It can also be seen that the possibility that politicians and businessmen of South and North Korea may have formed a new type of political-business collusion through the North Korea project to be promoted in the future was captured through the 'personal letter'.

explain a bit more

Mr. A, a company official who has worked with former Chairman Kim, said this about Chairman Kim at a meeting with the reporters of <Sell to the End>.

Former Chairman Kim Seong-tae increased the size of the group through aggressive business expansion and mergers and acquisitions, and added things related to 'North Korea business' to the business purposes of affiliates.

Ssangbangwool subsidiaries such as Nanos (currently SBW Life Sciences), Kwanglim, and Vivian were classified as 'North Korea-themed stocks' during the past two years when the stock market was booming, and their stock prices soared several times.

In particular, 'Nanos', which seems to have been exercised by former chairman Kim Seong-tae with around 80-90% control, surpassed the market cap of 4 trillion won in 2018 and even climbed to third place in the KOSDAQ market cap.

It wouldn't have been a problem if the North Korean business was promoted in a legitimate and transparent way, and expectations for this were reflected in the capital market.

However, as media coverage and prosecution investigations are being carried out, various illegalities and evasion of the law that have been lurking behind the 'North Korean Dream' of the Ssangbangwool Group are being revealed.

Traces of illegal foreign currency smuggling and unreported remittances to North Korea, as well as direct or indirect involvement of various politicians and lawyers in this process, have been revealed.

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