![]() | This article has multiple issues. Please help improve it or discuss these issues on the talk page . (Learn how and when to remove these template messages)
|
Korean name | |
Hangul | BBK 주가조작사건 |
---|---|
Hanja | |
Revised Romanization | Bibikei Jukka Jojak Saggeon |
McCune–Reischauer | Pipik'ei Chukka Chochak Sakkŏn |
During the 2007 South Korean presidential election,there were allegations made about presidential candidate Lee Myung-bak's relationship with a company called BBK. In 1999,Lee would meet Kim,with whom he established BBK and the LKE Bank. Their business enterprise went bankrupt less than a year later. Kim was investigated for alleged involvement in the massive embezzlement and for alleged stock price-manipulation.
Kim initially stated that Lee had no involvement in the company,despite allegations of an affair between Lee,the candidate and his sister Kim,then a Los Angeles-based practicing attorney,though subsequently disbarred. Kim allegedly introduced Lee to her brother Kim,a former Merryl Lynch investment banker,meaning Lee's alleged mistress enlisted the aid of her brother in order to make money for,and together with,Lee who allegedly was desperate for campaign funds. Kim Hong-il of the Seoul Central District Prosecutors Office cleared Lee of any wrongdoing,based on Kim's testimony and Lee's denial that he had ever been associated with BBK. That would soon prove to be untrue,as it soon came to light that Lee,in public speeches by him,had publicly admitted that he was the owner of BBK:Three days before the election,an October 2000 video surfaced of Lee delivering a speech to an audience of students at Kwangwoon University,in which he can be seen "bragging" that he had founded and directed BBK activities ("BBK? Yup,that's mine!"). [1] Two days before the election,the National Assembly appointed a prosecutor and charged him with the task of investigating the matter. [2]
Chung Ho-young,as Special Prosecutor in charge of the investigation would soon declare Lee to be innocent of the accusations relating to the alleged fraud and the so-called BBK incident. Critics pointed out that the investigation appeared to have been compromised and that the prosecution may have felt intimidated,seeing as how it chose not to delve any further,likely figuring that Lee would be elected president. Lee also was interviewed,rather than interrogated. That the particular type of establishment where the Lee interview took place was once known as a kisaeng house did not go well with the public once the news broke,as a kisaeng house refers to a high-end,brothel-like-restaurant establishment where female attendants/entertainers cater to men of power and wealth. [3] In response to public outcry,the special prosecutor's office announced that the initial interview location had been leaked to the media,so was changed at the last minute to a new location—the former kisaeng house,nestled in a secluded,remote location,away from the city,safe from prying eyes. They also declared that they had gone in fully prepared and had more than sufficient time to conduct the interview. [4]
Eventually,prosecutors sought a 15-year sentence and a fine of 30 billion won for former BBK owner Kim on charges of stock manipulation and embezzlement. In the final hearing held at the Seoul Central District Court,the prosecutors said Kim,who founded and operated the boiler-room operation is suspected of crimes including embezzlement of W31.9 billion of investors' money,stock manipulation,and the forgery and execution of private documents but had shown no remorse nor repaid his debts.
Earlier,Kim Ki-dong,a prosecutor at the Seoul Central District Prosecutors' Office,said,"This is a case in which an individual person has made a mockery of the Republic of Korea." [5] For spreading "false" rumors about Lee on the eve of the presidential election,the Seoul Central District Court convicted Kim of violating the nation's election law,handing down a one-year prison term. He was given another six months for document forgery to back his attacks on Lee. [6] Prosecutors said in a statement that Kim had been changing the story with endless lies throughout the whole investigation process,making it extremely hard for them to draw up the protocol. He even denied their request to use a lie detector. Prosecutors added by saying,"Kim's defense attorney also made a false statement by saying those who testified against Kim were all liars and committing perjury. This,in fact,is a contradictory statement to the Attorneys-at-Law and attorney ethics". [7]
In the end,Kim ended up asserting that President Lee had nothing to do with the BBK scandal and that he had hoped to avoid criminal liability by manipulating the prevailing circumstances in Korea at the time. [8] Kim,who would later get convicted in Korea for his role in the incident and serve an eight-year sentence. Upon his release,he would later allege that Lee was indeed a part owner of BBK and as such had a major involvement in the BBK stock manipulation incident. Kim's allegation is that he lied under pressure from Lee,and as he thought that Lee,as his former partner in crime,would help him avoid being convicted. As turned out to be otherwise,Kim has held numerous news conferences alleging Lee's involvement in the BBK matter.
Some of the prosecutors who worked on the BBK case were promoted under Lee's presidency. Meanwhile,the US federal district court ruled that Kim was not subject to prosecution regarding BBK.[ citation needed ] Subsequent to that,the very same prosecutors came under investigation and scrutiny for their alleged role in looking the other way,thereby helping to elect candidate Lee as president of South Korea.
According to leaked diplomatic cables,Yoo Chong-ha (유종하),the former co-chairman of Lee Myung-bak's presidential election campaign,had requested of Alexander Vershbow,the then American ambassador to South Korea,that the US authorities help delay the extradition of Kim to Korea asnaoight by the Korean government,in order that presidential hopeful Lee Myung-bak's election campaign might better control and effectively contain the controversy relating to Lee's alleged involvement in the BBK embezzlement scandal,there on the eve of the election season. [9] [10]
Shin Myung,the alleged writer of the fake letter,returned to South Korea from the US and turned himself in to the SPO on April 4,2012. [11]
DAS is a South Korean company involved in the BBK scandal. When allegations of fraud arose as part of the BBK matter,it was originally purported in late December 2011 that the owners of DAS were members of Lee Myung-bak's family,e.g.,Lee Sang-Eun (이상은),one of Lee's older brothers,but not Lee himself. The Korean prosecutors at the time announced that Lee did not appear to be the owner of DAS,a position from which they now appear to be backtracking based on mounds of fresh evidence. As of early March 2018,for instance,it has been alleged that Lee Myung-Bak is,and always has been,the true owner of DAS,which the Korean government itself owns a portion of,received as payment of inheritance taxes owed by Lee's family. [12] To that end,the Korean prosecution has obtained testimony not only from Kim Baek-Joon,Lee Myung-Bak's decades-long confidant,private secretary,de facto butler and putative errand boy now turning state's evidence,but also from Lee Sang-Deuk,another older brother of Lee's who on Friday,2 March 2018 testified that the seed money that went into the founding of DAS in the guise of proceeds from the sale of property in Seoul's posh Dogok-dong district,was not his own,but in fact that of his brother Lee Myung-Bak's,with the younger Lee being the actual owner of the Dogok-dong property. The legal implications concerning Lee Myung-Bak's alleged ownership of DAS is far-reaching and has thrown the whole of South Korea into turmoil. For irrespective of the corporate ownership structure of DAS on paper,Lee Myung-Bak would be the true beneficial owner of DAS,making the question of DAS' legal ownership less important than the fact that DAS,for all intents and purposes,has been and is the "alter ego" of Lee Myung-Bak's throughout all relevant periods,especially for the purposes of funneling overseas bribes. This further implicates the FCPA ("Foreign Corrupt Practices Act of 1977") which allows the U.S. courts to exercise extraterritorial jurisdiction if the proscribed act involves US persons natural or juridical. The latest details of allegations involving BBK,DAS,and Lee implicate Samsung's having bankrolled DAS' legal fees by remitting millions of dollars as payment in DAS' behalf to Akin,Gump,Strauss,Hauer,and Feld,a prominent U.S. law firm representing DAS in a lawsuit brought against it by Optional Ventures as plaintiff for alleged theft and conversion of funds belonging to Optional Ventures which Kim had embezzled as part of the BBK scandal. Samsung,as widely reported in the Korean press,is alleged to have funneled a substantial amount of money to Lee through said U.S. law firm,Akin Gump,with the aid and involvement of one or more of its overseas U.S. subsidiaries. Under U.S. law,that would constitute a bribery of a foreign official by U.S. persons,natural or juridical,if true. Lee Myung-Bak at the time was not merely a foreign official,but the sitting president of South Korea at the time:Samsung's alleged payment of DAS' legal fees to,and through,Akin,Gump,Strauss,Hauer,and Feld means that everyone is on the hook,ranging from Lee Myung-Bak himself as the recipient of said bribes;to Akin,Gump,for functioning as the conduit as part,and in furtherance,of the conspiracy to violate the FCPA and the attendant conspiracy to violate United States law,which is a separate crime in and of itself;to Samsung and its subsidiaries through which the alleged payments were channeled;to even Lee Kun-Hee,Samsung's purportedly ailing chairman,for his alleged role in giving the greenlight on the paying of bribes (allegedly at least some of it) to Lee in the form of DAS' legal fees;to Korean-American attorney Suk Han Kim,then a partner with Akin,Gump and now with a different firm,for allegedly setting up the whole deal on behalf of Samsung and for the benefit of Lee Myung-Bak. Such FCPA woes are compounded by Samsung's alleged amounts paid to and through Akin,Gump in excess of the legal fees owed by DAS,suggesting there are likely additional U.S. law violations,e.g.,money laundering and wire fraud,which are violations under the Stamp Act as provided in the United States Code. While the investigation by the Korean prosecutors into Lee's ownership of DAS and Samsung's alleged overseas bribery is still on-going,and though the focus by the local Korean prosecutors is on domestic Korean aspects only,it may be that there is now sufficient probable cause to warrant a grand jury hearing and an indictment to trigger a massive FCPA investigation by the U.S. Department of Justice.
The Korean language Korean-American newspaper,Sunday Journal,published an article on December 1,2011,that the U.S. Federal District Court in Los Angeles rescinded the confiscation order entered against DAS on November 17,2011. [13] [14]
The Supreme Court of Korea officially decided to indict one of the hosts of Naneun Ggomsuda,Chung Bong-ju,for false reporting of the BBK-related information. [15]
The Korea Times (Korean: 코리아타임스) is the oldest daily English-language newspaper in South Korea. It is a sister paper of the Hankook Ilbo,a major Korean language daily;both are owned by Dongwha Enterprise,a wood-based manufacturer. Since the late 1950s,it had been published by the Hankook Ilbo Media Group,but following an embezzlement scandal in 2013–2014 it was sold to Dongwha Group,which also acquired Hankook Ilbo. The president-publisher of The Korea Times is Oh Young-jin.
The National Intelligence Service is the chief intelligence agency of South Korea. The agency was officially established in 1961 as the Korean Central Intelligence Agency,during the rule of general Park Chung Hee's military Supreme Council for National Reconstruction,which displaced the Second Republic of Korea. The original duties of the KCIA were to supervise and coordinate both international and domestic intelligence activities and criminal investigations by all government intelligence agencies,including that of the military. The agency's broad powers allowed it to actively intervene in politics. Agents undergo years of training and checks before they are officially inducted and receive their first assignments.
Lee Kun-hee was a South Korean business magnate who served as the chairman of Samsung Group from 1987 to 2008,and again from 2010 until his death in 2020. He is also credited with the transformation of Samsung to one of the world's largest business entities that engages in semiconductors,smartphones,electronics,shipbuilding,construction,and other businesses. Since Lee Kun-hee became the chairman of Samsung,the company became the world's largest manufacturer of smartphones,memory chips,and appliances. He was the third son of Samsung founder Lee Byung-chul. With an estimated net worth of US$21 billion at the time of his death,he was the richest person in South Korea,a position that he had held since 2007.
Chung Mong-koo is a South Korean businessman. He is the honorary chairman and former CEO of Hyundai Motor Group,Korea's second largest chaebol that manages 54 subsidiaries including Hyundai Motor,Kia Motors,and Hyundai Steel. He started his career in 1970,joining the engineering &construction division of the group. Chung succeeded his father,Chung Ju-yung,the founder of the conglomerate known as the Hyundai Group. When the conglomerate split into several parts in 1999,Chung Mong-koo took over the Hyundai Motor division. He is the eldest surviving son of Chung Ju-yung's eight sons.
Lee Myung-bak often referred to by his initials MB,is a South Korean businessman and former politician who served as the 10th president of South Korea from 2008 to 2013. Before his presidency,he was the CEO of Hyundai Engineering and Construction,and the mayor of Seoul from 2002 to 2006.
Presidential elections were held in South Korea on 19 December 2007. The election was won by Lee Myung-bak of the Grand National Party,returning conservatives to the Blue House for the first time in ten years. Lee defeated Grand Unified Democratic New Party nominee Chung Dong-young and independent Lee Hoi-chang by a nearly 2-to-1 margin,the largest since direct elections were reintroduced in 1987. It also marked the first time a president-elect in Korea was under investigation by a prosecutor. Voter turnout was 63.0%,an all-time low according to the National Election Commission.
The Supreme Prosecutors' Office of the Republic of Korea (SPO) is a governmental prosecutor organization in South Korea and is run under the Ministry of Justice. As a national representative of prosecutors,the Office works with the Supreme Court of Korea and below.
The Lee Myung-bak government was the fifth government of the Sixth Republic of South Korea. It took office on 25 February 2008 after Lee Myung-bak's victory in the 2007 presidential elections. Most of the new cabinet was approved by the National Assembly on 29 February. Led by President Lee Myung-bak,it was supported principally by the conservative Saenuri Party,previously known as the Grand National Party. It was also known as Silyong Jeongbu,the "pragmatic government",a name deriving from Lee's campaign slogan.
Lee Sang-don is a South Korean legal scholar and a conservative liberal political activist. His liberal philosophy was influenced by American conservatism and neoconservatism,but he is critical of South Korean conservatism. He currently works as a professor at Chung-Ang University. He is a conservative pundit well known for expressing criticisms towards the Lee Myung-bak government. He received criticisms from a group of pro-Lee Myung-bak lawmakers for participating in the restructure of the Saenuri Party in the past due to his distance with Lee Myung-bak.
The 2008 Grand National Party Convention is a political scandal in the South Korean politics that exposed higher-level political corruption within the ranks of the Lee Myung-bak government. The connections surrounding the Lee Myung-bak government has also affected the performance of the Grand National Party. A GNP lawmaker,Koh Seung-duk,was instrumental of exposing it by reporting his knowledge about the corruption incident to the Seoul Central District Prosecutors’Office.
The MOFAT Diamond Scandal involves a senior government official of South Korea allegedly engaging in insider trading and stock-price rigging in coordination with CNK International,which is a mining company that won the mining rights of a diamond mine in Cameroon.
The South Korean illegal surveillance incident was alleged to have occurred in 2010 when the Civil Service Ethics Division (공직윤리지원관실) under the Prime Minister's Office of South Korea inspected a civilian,a political action that is illegal under the South Korean conventions. The incident re-emerged in early 2012 as the election approached.
The 2012 NIS public opinion manipulation scandal saw members of the National Intelligence Service (NIS) of South Korea accused of interfering in the South Korean presidential election,2012. First,an agent of the National Intelligence Service (NIS) was alleged to have manipulated public opinion to help Park Geun-hye's presidential election under the command of the NIS. Second,the director of the agency commanded an NIS agent to manipulate public opinion. Suspicions were raised before the election,but were not verified until afterwards.
Lee Jae-yong,known professionally in the West as Jay Y. Lee,is a South Korean business magnate and convicted felon who has been serving as the executive chairman of Samsung Electronics since October 2022. He is the only son of Lee Kun-hee and Hong Ra-hee. As of September 2021,Lee has an estimated net worth of US$11 billion,making him the fourth-wealthiest person in South Korea. In January 2021,Lee was sidelined from taking part in major Samsung business dealings after he resumed serving a prison sentence for his bribery and embezzlement convictions. He was pardoned in August 2022,before reinstating his position at Samsung.
Choi Soon-sil is a South Korean businesswoman known primarily for her involvement in the 2016 South Korean political scandal,stemming from her influence over the 11th President of South Korea,Park Geun-hye. In 2018,a court sentenced Choi to 20 years in prison on corruption charges. Due to Choi's concurrent involvement in her father's religious cult,reporting media have called her "South Korea's Rasputin",in reference to Russian mystic Grigori Rasputin.
The 2016 South Korean political scandal,often called Park Geun-hye–Choi Soon-sil Gate in South Korea,was a scandal that emerged around October 2016 in relation to the unusual access that Choi Soon-sil,the daughter of shaman-esque cult leader Choi Tae-min,had to President Park Geun-hye of South Korea.
The impeachment of Park Geun-hye,President of South Korea,was the culmination of a political scandal involving interventions to the presidency from her aide,Choi Soon-sil. The impeachment vote took place on 9 December 2016,with 234 members of the 300-member National Assembly voting in favour of the impeachment and temporary suspension of Park Geun-hye's presidential powers and duties. This exceeded the required two-thirds threshold in the National Assembly and,although the vote was by secret ballot,the results indicated that more than half of the 128 lawmakers in Park's party Saenuri had supported her impeachment. Thus,Hwang Kyo-ahn,then Prime Minister of South Korea,became Acting President while the Constitutional Court of Korea was due to determine whether to accept the impeachment. The court upheld the impeachment in a unanimous 8–0 decision on 10 March 2017,removing Park from office. The regularly scheduled presidential election was advanced to 9 May 2017,and Moon Jae-in,former leader of the Democratic Party,was elected as Park's permanent successor.
The Burning Sun scandal,also known as Burning Sun gate,was a 2019 entertainment and sex scandal in Seoul,South Korea,which involved several celebrities,including Korean idols of popular K-pop groups,and police officials. It was the largest scandal to hit the K-pop industry. The allegations of sex crimes added to the country's "epidemic" of what is called molka,a Korean word for the online distribution of unconsented sex videos taken of women,and the scandal became fodder for political parties,who argued over how to handle it.
Yoon Suk Yeol is a South Korean politician who has been serving as the 13th and current President of South Korea since 2022. Prior to his presidency,he served as the prosecutor general of South Korea between 2019 and 2021.
Han Dong-hoon is the 69th Minister of Justice of the Republic of Korea,serving in the administration of President Yoon Suk-yeol. Han previously served as a junior anti-corruption prosecutor and played a leading role in multiple high-profile cases,including those involving Samsung executive Lee Jae-yong,former Presidents Park Geun-hye and Lee Myung-bak,and family members of former Minister of Justice Cho Kuk. Considered a protégéand close associate of Yoon,Han served as a principal deputy when the president held senior positions in the Korean prosecution service.