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The Korea Herald
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THE INVESTOR
March 29, 2024

Finance

Ex-KDB chief accused of bribery again

  • PUBLISHED :November 25, 2016 - 15:23
  • UPDATED :November 25, 2016 - 18:13
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[THE INVESTOR] Prosecutors called in a former finance minister and head of the state-run Korea Development Bank on Nov. 25 on charges of bribery, two months after a court refused to issue a warrant to arrest him.

Kang Man-soo, 71, appeared at the Seoul Central District Prosecutors’ Office in the morning to undergo interrogation by the prosecution team looking into a massive corruption scheme surrounding Daewoo Shipbuilding & Marine Engineering, according to prosecutors.




Kang was the country’s finance minister from 2008 to 2009 under the Lee Myung-bak administration and then served as the KDB chief from 2011 to 2013.

He is accused of receiving hundreds of millions of won in kickbacks from Hansung Enterprise, a local seafood maker, since 2008.

Prosecutors also suspect that he pressured DSME into investing in a local biotech firm run by his friend in return for overlooking irregularities committed by then head of the shipyard Nam Sang-tae.

The KDB is the largest shareholder of the financially troubled shipbuilder.

DSME decided to provide 5.5 billion won (US$4.65million) for the biotech firm‘s research project in 2012 and actually transacted some 4.4 billion won until 2013, but the funding ended after Kang stepped down as KDB chief, according to prosecutors.

Prosecutors are expected to file for the warrant again after the interrogation.

(theinvestor@heraldcorp.com)

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