April 26, 2024

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[THE INVESTOR] Allegations of wrongdoing are piling up against Kang Man-soo, former Korea Development Bank chief and finance minister, in the probe of Daewoo Shipbuilding & Marine Engineering.

Kang is a key ally of former president Lee Myung-bak. Having served as the chief of DSME’s main creditor and shareholder KDB, he was implicated in the shipbuilder’s wrongdoings early on in the investigation. 

According to latest reports, the prosecution has unearthed more evidence of Kang receiving bribes from Hansung Enterprise and KDB subsidiaries. In addition, a local daily has claimed that Kang had a hand in KDB’s loan of 110 billion won (US$94.09 million) to a faltering company as a favor to a ruling party lawmaker.

Reports citing unnamed prosecution sources said on Nov. 28 that the investigators have found evidence that Kang used a golf club membership registered to a Hansung Enterprise subsidiary.

Hansung is a seafood manufacturer operated by Kang’s high school alumnus Lim woo-kun. According to the reports, Kang was given access to the membership in 2008 and used it as his own for about 10 years.

In addition, Kang is said to have ordered KDB and subsidiaries to purchase Hansung products, generating hundreds of millions won revenue for Lim’s company.

Earlier in the investigation, the prosecution had unsuccessfully sought an arrest warrant on suspicion that Kang took 100 billion won bribe from Hansung.

As for the 110 billion won loan, a local daily claimed that Rep. Won Yoo-chul of the ruling Saenuri Party requested Kang’s aid in helping a company located in his constituency in Pyeongtaek, Gyeonggi-do Province, in 2012. Following the meeting, the KDB approved loans to the company in question without due processes, and the bank is said to have failed to reclaim 90 billion of the loans.

According to the report, Won made the request after one of his aides received large sums from the company.

By Choi He-suk (cheesuk@heraldcorp.com)