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Prosecutors are investigating whether Hyundai Marine and Fire Insurance president Ha Jong-sun lobbied politicians and officials on behalf of Lone Star in the sale of Korea Exchange Bank to the offshore fund. Prosecutors say they have evidence that Ha received W2 billion (US$1=W939) suspected of coming from Lone Star and questioned Ha, raided his office and are tracing his bank accounts to find out why. It is the first evidence to surface of lobbying of politicians and officials by Lone Star rather than KEB.
Ha, a lawyer-turned-businessman, has been CEO of Hyundai Marine and Fire Insurance since late 2004. At the time of the sale in 2003, he was a corporate lawyer with a law firm. In the 1990s, Ha worked as an executive with Hyundai Motor. Prosecutors are considering asking for an arrest warrant for Ha.
The Hyundai Marine & Fire Insurance chief denies the charges, saying the money was commissions he received for formal services as a lawyer for the offshore fund. Ha was not available for comment on Tuesday.
Meanwhile, the Seoul Central District Court again refused arrest warrants for three Lone Star executives on Tuesday. The three are accused of manipulating the stock price of Korea Exchange Bank Credit Card Services before buying it up cheap. Judge Lee Sang-ju said he turned down the second application, in fact an unaltered re-submission of the first, since there was no sufficient evidence or fear that the suspects could flee or destroy evidence. Senior Prosecutor Chae Dong-wook vowed prosecutors will collect more evidence and file fresh warrant requests for the Lone Star executives.
Prosecutors also say they have evidence that some business consultants and government financial officials colluded with former Korea Exchange Bank president Lee kang-won, who is in custody, in exaggerating KEB¡¯s financial problems and will ask for arrest warrants for them this week. They could also seek warrants for another key figure in the sale, the former director-general of the Finance Ministry¡¯s Financial Policy Bureau Byeon Yang-ho, or indict him without detention.
(englishnews@chosun.com )
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