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Biz News Korea(Eng)
S. Korean prosecution probes former KDB chief for orchestrating shady deals of DSME
- Collected
- 2016.08.04
- Distributed
- 2016.08.05
- Source
- Go Direct
The special investigation team is tracking down how the shipbuilder had come to award contracts worth 6 billion won ($5.3 million) to an energy startup company headed by one of Kang’s acquaintances and another 4 billion won to a construction company run by his relative.
Former DSME CEO Nam Sang-tae charged with various wrongdoings including accounting fraud reportedly testified that he had been repeatedly pressured by Kang to do businesses with the companies despite irrelevancy with the shipyard operation.
The renewable energy company CEO is said to have built a personal connection with Kang when he covered the Ministry of Strategy and Finance as a newspaper reporter at a time when Kang was the minister in previous Lee Myung-bak administration. The company is suspected to have embezzled the funds it received from the shipbuilder for research and development.
Kang is also suspected of arm-twisting to make the shipbuilder allocate work to the construction company run by his relative. The company’ sales surged from 1.3 billion won in 2011 to 8 billion won. It is also suspected of misusing research funds.
Prosecutors are probing evidence for Kang profiteering from the illicit business arrangement.
By Kim Se-woong and Chung Joo-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]