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Kim Seong-tae, former chairman of Ssangbang-wool, is known to have made a fortune through stock manipulation or corporate acquisitions.
Since then, he has been accused of lobbying variously by expanding his personal connections in the legal and political world. Reporter Ko Jeong-hyun pointed out what the prosecution will confirm when former chairman Kim returns to Korea.
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Around 2007, Kim Seong-tae managed an illegal loan company in Gangnam, Seoul, and made tens of billions of won.
As soon as he took over Ssangbangwool in 2010, he was charged with stock price manipulation. He was sentenced to 3 years in prison and 5 years of probation for the amount offensive, including the appointment of 31 lawyers in the first trial alone, and he did not pay a single penny.
In addition to Ssangbangbang, Kim Seong-tae acquired 6 listed companies, including defense, entertainment and semiconductor-related companies, and appointed 17 lawyers, bureaucrats and 11 politicians as group outside directors.
Based on these funds and personal connections, various lobbying suspicions have been raised, and the prosecution suspects that Democratic Party leader Lee Jae-myeong is at the core.
Along with the suspicion that he paid 2.3 billion won in attorney fees instead, some of the lawyers who were actually appointed by CEO Lee were appointed as outside directors of Ssangbangwool affiliates.
Former Congressman Lee Hwa-young, who served as Vice Governor for Peace during Gyeonggi Governor Lee Jae-myeong, is being tried for charges such as receiving bribes from Ssangbang-wool.
Prosecutors are also paying attention to Nanos, an affiliate of Ssangbangwool, which led the North Korean project.
About 90% of the total stock is a structure that is within the influence of Kim Seong-tae, and suspicions have been raised that this stock was used as a window for lobbying the political sphere.
[Former business partner Kim Seong-tae: This case is bigger than Daejang-dong.
(Even if the stock price rises even a little), you will become a conglomerate in an instant.
It is a case in which a 'second modern' is born.] The
prosecution plans to investigate what role the legal personnel recruited as group executives or outside directors played to protect Kim Seong-tae.
(Video editing: Jeon Min-gyu)
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