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The Korea Herald
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THE INVESTOR
March 19, 2024

Politics & North Korea

Attorney who defended BBK victims says ex-President Lee is lying

  • PUBLISHED :February 20, 2018 - 17:01
  • UPDATED :February 21, 2018 - 22:52
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[THE INVESTOR] An attorney recently accused former President Lee Myung-bak of lying about being duped into a contract with US-based law firm Akin Gump.

“There was no reason for Akin Gump to offer free legal services, nor does it make sense for it to have been negligent in their duties or declined to sign a proper contract,” said Mary Lee, a Korean-American attorney. 

She stressed Akin Gump is a renowned company that's not pressed for clients or money.  




Mary Lee's comments indicate that the former president is trying to shift the blame onto the law firm that autoparts maker DAS hired in 2009 to recoup its 14 billion-won (US$13.02 million) investment in BBK, which went bankrupt in 2001, causing investors to suffer losses of up to 38 billion won. 

On paper, DAS is possessed by the former president's older brother, but critics believe the former president is the real owner. Since the former president is also accused of having ownership in BBK, he ironically lost money in a company he helped set up.

Thousands of Koreans had lost money in BBK, which committed various crimes including stock price manipulation. Years later, the scandal threatened Lee's presidential campaign, but he still managed to get elected. 

During his term, Lee recouped DAS' losses through an out-of-court settlement faciltiated by Akin Gump. The bill for the law firm's services was allegedly footed by Samsung.

The prosecutors here are investigating this link, with former Samsung Vice Chairman Lee Hak-soo already testifying that Samsung paid up in return for a special pardon for Samsung Chairman Lee Kun-hee in 2010. 

So far, the former president is denying everything. But if more evidence turns up, he faces not only a lawsuit, but also the public's anger over being one of the few who managed to got his money back from BBK.

Akin Gump, the 36th largest law firm in the world, has served as a legal agent for Samsung Electronics since 1998, receiving up to US$2.6 billion as legal fees annually. It reportedly boasts a great deal of lobbying power in Washington D.C.

Hyundai Motor Company is also suspected to have paid US$10 million in legal fees for DAS in 2009, but the prosecution said it has no plans to investigate due to lack of evidence.

By Kim Young-won (wone0102@heraldcorp.com)

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