ID :
36971
Mon, 12/22/2008 - 15:33
Auther :
Shortlink :
http://m.oananews.org//node/36971
The shortlink copeid
(LEAD) Ex-president's brother indicted on bribery charges
(ATTN: MODIFIES throughought; UPDATES with more details in para 5; ADDS background
in paras 6-8)
By Tony Chang
SEOUL, Dec. 22 (Yonhap) -- Prosecutors indicted an elder brother of former
President Roh Moo-hyun and several of his close acquaintances Monday over their
alleged involvement in a murky buyout deal of a securities firm in 2006.
Roh Gun-pyeong, arrested earlier this month, is expected to be put on trial on
charges of receiving 296 million won (US$227,000) for influencing the buyout of
an ailing securities firm by Nonghyup, a state-run conglomerate, the Supreme
Prosecutors' Office said in an interim investigation report.
Prosecutors are investigating how Nonghyup came to take over Sejong Securities
Co. despite its initial rejection of the purchase. They suspect personal
connections involving the elder Roh and Nonghyup's then-chief, Chung Dae-kun.
Chung, who is currently serving a sentence on another bribery case, was indicted
again.
Park Yeon-cha, a businessman and a former financial supporter of the former
president, was also indicted, prosecutors said, on suspicions of insider trading.
Park reaped 20 billion won when share prices of the brokerage firm jumped at the
news of a 110-billion-won takeover in January 2006.
Park, chief of shoe manufacturer and Nike outsourcing firm Taekwang Industry Co.,
is also suspected of evading 29 billion won in capital gains taxes. There is also
suspicion over whether he may have influenced his company's buyout of Nonghyup's
chemical manufacturing affiliate, HU-CHEMS. The company was bought at 145.5
billion won, some 7 billion won less than what was offered by a bid competitor.
Roh has so far denied the allegation, claiming that he had only made a simple
phone call to Chung, his hometown friend, to introduce officials at the
securities firm and that no influence-peddling took place.
In 2004, Roh received a suspended jail term for accepting 30 million won from the
head of Daewoo Engineering & Construction Co.
The probe has been a sharp blow to former President Roh, who during his tenure
between early 2003 and early 2008, prided himself on eliminating bribery and
sought to distance himself from his predecessors, whose names were tarnished by
scandals involving relatives.
odissy@yna.co.kr
(END)
Dow
in paras 6-8)
By Tony Chang
SEOUL, Dec. 22 (Yonhap) -- Prosecutors indicted an elder brother of former
President Roh Moo-hyun and several of his close acquaintances Monday over their
alleged involvement in a murky buyout deal of a securities firm in 2006.
Roh Gun-pyeong, arrested earlier this month, is expected to be put on trial on
charges of receiving 296 million won (US$227,000) for influencing the buyout of
an ailing securities firm by Nonghyup, a state-run conglomerate, the Supreme
Prosecutors' Office said in an interim investigation report.
Prosecutors are investigating how Nonghyup came to take over Sejong Securities
Co. despite its initial rejection of the purchase. They suspect personal
connections involving the elder Roh and Nonghyup's then-chief, Chung Dae-kun.
Chung, who is currently serving a sentence on another bribery case, was indicted
again.
Park Yeon-cha, a businessman and a former financial supporter of the former
president, was also indicted, prosecutors said, on suspicions of insider trading.
Park reaped 20 billion won when share prices of the brokerage firm jumped at the
news of a 110-billion-won takeover in January 2006.
Park, chief of shoe manufacturer and Nike outsourcing firm Taekwang Industry Co.,
is also suspected of evading 29 billion won in capital gains taxes. There is also
suspicion over whether he may have influenced his company's buyout of Nonghyup's
chemical manufacturing affiliate, HU-CHEMS. The company was bought at 145.5
billion won, some 7 billion won less than what was offered by a bid competitor.
Roh has so far denied the allegation, claiming that he had only made a simple
phone call to Chung, his hometown friend, to introduce officials at the
securities firm and that no influence-peddling took place.
In 2004, Roh received a suspended jail term for accepting 30 million won from the
head of Daewoo Engineering & Construction Co.
The probe has been a sharp blow to former President Roh, who during his tenure
between early 2003 and early 2008, prided himself on eliminating bribery and
sought to distance himself from his predecessors, whose names were tarnished by
scandals involving relatives.
odissy@yna.co.kr
(END)
Dow
