BBK stock price manipulation incident: Difference between revisions
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Eventually, prosecutors manipulated the case against Kim and sought a 15-year sentence and a fine of 30billion [[South Korean won|won]]>. This is a stark contrast to the U.S. District Court who found the Kim had done nothing wrong.{{Citation needed|date=November 2011}}. |
Eventually, prosecutors manipulated the case against Kim and sought a 15-year sentence and a fine of 30billion [[South Korean won|won]]>. This is a stark contrast to the U.S. District Court who found the Kim had done nothing wrong.{{Citation needed|date=November 2011}}. |
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According to [[Wikileaks]], Yoo Chong-ha (유종하), the former co-chairman of Lee Myung-bak's presidential election campaign, requested to then American ambassador to South Korea, Alexander Vershbow, to delay the extraction of the main individual of the BBK embezzlement scandal, Kim Kyung-joon, to Korea on the request to prevent spreading controversies related to Lee Myung-bak's involvement in the BBK embezzlement scandal during the [[South Korean presidential election, 2007|election season]].<ref>{{cite web | url = https://wikileaks.org/cable/2007/10/07SEOUL3225.html | title = 07SEOUL3225, KIM KYUNG-JOON'S EXTRADITION CASE | accessdate = 2011-12-17 | publisher = [[Wikileaks]]}}</ref><ref>{{cite web |
According to [[Wikileaks]], Yoo Chong-ha (유종하), the former co-chairman of Lee Myung-bak's presidential election campaign, requested to then American ambassador to South Korea, Alexander Vershbow, to delay the extraction of the main individual of the BBK embezzlement scandal, Kim Kyung-joon, to Korea on the request to prevent spreading controversies related to Lee Myung-bak's involvement in the BBK embezzlement scandal during the [[South Korean presidential election, 2007|election season]].<ref>{{cite web | url = https://wikileaks.org/cable/2007/10/07SEOUL3225.html | title = 07SEOUL3225, KIM KYUNG-JOON'S EXTRADITION CASE | accessdate = 2011-12-17 | publisher = [[Wikileaks]]}}</ref><ref>{{cite web|url=http://www.wikileaks-kr.org/dokuwiki/07seoul3225 |title=US embassy cable - 김경준 송환 사건 |accessdate=2011-12-17 |publisher=[http://www.wikileaks-kr.org/dokuwiki/ Wiki Leaks Korea] |language=Korean |deadurl=yes |archiveurl=https://web.archive.org/web/20151123110145/http://www.wikileaks-kr.org/dokuwiki/07seoul3225 |archivedate=2015-11-23 }}</ref><ref>{{cite news | first = Min-yeong (민영) | last = Choi (최) | title = "BBK 김경준 송환 미뤄달라" 이명박 후보 측 미국에 요청 | date = 2011-09-03 | url = http://news.khan.co.kr/kh_news/khan_art_view.html?artid=201109030259225&code=910100 | work = The Hankyoreh | accessdate = 2011-12-17 | language = Korean}}</ref><ref>{{cite news | first = Yong-pil (용필) | last = Mun (문) | title = 위키리크스 MB실체 폭로…"사실상 매국" 경악 | date = 2011-09-05 | url = http://www.newsface.kr/news/news_view.htm?news_idx=2985 | work = Newsface | accessdate = 2011-12-17 | language = Korean}}</ref> |
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==2012== |
==2012== |
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Revision as of 03:43, 13 July 2017
| Korean name | |
| Hangul | BBK 사건 |
|---|---|
| Hanja | |
| Revised Romanization | Bibikei Saggeon |
| McCune–Reischauer | Pipik'ei Chukka Chochak Sakkŏn |
During the 2007 presidential election, questions about presidential candidate Lee Myung-bak's relationship with a company called BBK were raised. Kyung Joon Kim is a graduate of Cornell University and have Masters degree from the University of Chicago, and an MBA from the Wharton School of the University of Pennsylvania. Kim worked as an investment banker at Morgan Stanley and Salomon Smith Barney before he met Lee. In 1999, Lee met Kim and established the LKeBank, BBK and EBK Securities with Kim. Kim was investigated for embezzlement and securities law violations. But, he was found to be "not guilty" by the U.S. District Court.
Lee denied he had anything to do with BBK. Korean Prosecutor offices are known to trump-up charges against innocent and cover up crimes of powerful in order to curry favors. With Lee being the most likely winner in the upcoming 2007 presidential election, the "highly political" Kim Hong-il of the Seoul Central District Prosecutors Office cleared Lee of any wrong-doing. Kim Hong-il and rest of the prosecutors who manipulated the BBK case to clear Lee but trumped-up charges against Kim, were all promoted to prestigious positions in the prosecutor's office after Lee was elected. However, after prosecutors declaring that Lee had nothing to do with BBK and just three days before the election, a video of a speech Lee gave to students at Kwangwoon University in October 2000 surfaced, in which Lee admitted that he had founded and managed BBK's activities.[1] Two days before the election, the National Assembly appointed a prosecutor to investigate.[2]
But Special Investigator (Chung Ho-young) was just as political. Especially, the special prosecutor began investigating after Lee had won the Presidential election. In a sham investigation, after investigating for just 3 weeks the Special Investigator declared Lee innocent of accusations related to fraud and he had nothing to do with BBK. Critics suggested that investigators may have felt too intimidated to delve too deeply into the case, as they interviewed Lee in a restaurant in Seoul that was once a kisaeng house.[3] In contrast, the special prosecutor team announced that the initially planned interview location was leaked to the media, so it urgently decided to do the interview at another location, a Korean restaurant away from the city. They also declared that they were fully prepared and the amount of time allocated for the investigation was sufficient.[4]
Eventually, prosecutors manipulated the case against Kim and sought a 15-year sentence and a fine of 30billion won>. This is a stark contrast to the U.S. District Court who found the Kim had done nothing wrong.[citation needed].
According to Wikileaks, Yoo Chong-ha (유종하), the former co-chairman of Lee Myung-bak's presidential election campaign, requested to then American ambassador to South Korea, Alexander Vershbow, to delay the extraction of the main individual of the BBK embezzlement scandal, Kim Kyung-joon, to Korea on the request to prevent spreading controversies related to Lee Myung-bak's involvement in the BBK embezzlement scandal during the election season.[5][6][7][8]
2012
Shin Myung, the alleged writer of the fake letter, returned to South Korea from the USA and turned himself to the SPO on April 4, 2012.[9]
DAS
DAS is a South Korean company that was involved in the BBK scandal. It is revealed in late December 2011 that certain members of Lee Myung-bak's family, thought not President Lee himself, has a portion of shares of DAS. The Korean government also owns a part of DAS, which was given to them as an inheritance tax.[10]
Reaction from the US Federal Court
The Korean language Korean-American newspaper, Sunday Journal, published an article on December 1, 2011, that the Supreme Court of the United States approved to withdraw the confiscation order from DAS on November 17, 2011.[11][12]
Controversy
The Supreme Court of South Korea officially decided to indict one of the hosts of Naneun Ggomsuda, Chung Bong-ju, for false reporting of the BBK-related information.[13]
See also
- Lee Myung-bak government
- Criticism of Lee Myung-bak
- King Maker, 2007 South Korean novel by Kim Jin-myeong (김진명) portraying the BBK incident
References
- ^ "BBK Video Clip Revives UNDP-GNP Tensions". Dong-A Ilbo (English Edition). 2007-12-17. Archived from the original on 27 December 2007. Retrieved 2007-12-20.
{{cite news}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ "Special Counsel to Probe Lee Myung-bak". Digital Chosun Ilbo (English Edition). 2007-12-18. Archived from the original on 2008-01-20. Retrieved 2007-12-20.
{{cite news}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ Sang-Hun, Choe (2008-02-21). "New South Korean Leader Cleared in Fraud Inquiry". New York Times. Retrieved 2008-05-07.
- ^ "고승덕, 친딸 "父 교육감 자격 없다" 발언 '해명'". moneytoday.co.kr. Retrieved 2014-05-31.
- ^ "07SEOUL3225, KIM KYUNG-JOON'S EXTRADITION CASE". Wikileaks. Retrieved 2011-12-17.
- ^ "US embassy cable - 김경준 송환 사건" (in Korean). Wiki Leaks Korea. Archived from the original on 2015-11-23. Retrieved 2011-12-17.
{{cite web}}: External link in|publisher=|deadurl=ignored (|url-status=suggested) (help) - ^ Choi (최), Min-yeong (민영) (2011-09-03). ""BBK 김경준 송환 미뤄달라" 이명박 후보 측 미국에 요청". The Hankyoreh (in Korean). Retrieved 2011-12-17.
- ^ Mun (문), Yong-pil (용필) (2011-09-05). "위키리크스 MB실체 폭로…"사실상 매국" 경악". Newsface (in Korean). Retrieved 2011-12-17.
- ^ Yi, Whan-woo (2012-04-03). "Key figure in forged BBK letter questioned". Korea Times. Retrieved 2012-04-04.
- ^ Park (박), Se-yeol (세열) (2011-12-23). "'MB 실소유' 논란 '다스'에 또 무슨 일이?". Pressian (in Korean). Retrieved 2011-12-25.
- ^ Park (박), Sang-gyun (박상균) (2011-12-01). "[단독] 연방법원, (주)다스 소취하 요청승인". Sunday Journal USA (in Korean). Archived from the original on 2012-05-22. Retrieved 2011-12-25.
{{cite news}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ "미 연방법원 '다스, BBK 상대 140억 민사소송 취하' 최종승인". Kyunghyang Shinmun (in Korean). 2011-12-02. Retrieved 2011-12-25.
- ^ Ryu (류), Jeong-min (정민); Park Sae-mi (박새미) (2011-12-22). "정봉주 감옥행, MB정부 '나꼼수 파괴' 현실로?". Media Today (in Korean). Retrieved 2012-01-15.
External links
- Template:Ko icon The official investigation result via The Hankyoreh
- Template:Ko icon BBK 무혐의, 부실수사·맹탕특검·무혐의 등 제각각, summarization of the investigation result from multiple South Korean newspapers
- Template:Ko icon 끝나지 않은 BBK…‘140억 송금’ 진실 밝혀질까, newer inquiries revealed in 2011 on the BBK incident