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GNP Calls for Probe Cash-for-Summit Scandal.
(From Korea Times)
The controversy over the alleged sending of $400 million in return for a visit to the North by President Kim Dae-jung continues, as more and more details emerge on the flow of the funds.
The Grand National Party (GNP) is claiming that the funds were drawn from the state-run Korea Development Bank (KDB) on three occasions and transferred to the National Intelligence Service (NIS) by Hyundai Merchant Marine.
Commenting on the ``under-the-table'' deal, GNP president and presidential candidate Lee Hoi-chang said such deals are undesirable for national reconciliation.
But both Chong Wa Dae and the Millennium Democratic Party, founded by President Kim Dae-jung, dismissed the allegations as purely groundless.
According to the GNP allegations, Chong Wa Dae pressed KDB to provide $400 million in loans to Hyundai Merchant Marine prior to the Inter-Korean Summit in Pyongyang on June 15th in 2000.
In a look back at events, the government announced the holding of the South-North summit on April 10 and eight Hyundai companies participated in new right offerings of 140 billion won by Hyundai Asan.
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