Lee's kin questioned over Korea bank scam
Source: Agencies |
July 4, 2012, Wednesday
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Print Edition
Print Edition
A BROTHER of South Korean President Lee Myung-bak appeared before prosecutors yesterday to answer questions about a savings bank graft scandal.
Lee's three predecessors all saw their sons or brother prosecuted for taking bribes in return for the promise of influence.
The president's brother, Lee Sang-deuk, was summoned to appear at the Supreme Prosecutors' Office in Seoul to answer questions about the collapse of a savings bank which forced more than a dozen small institutions to shutdown and thousands to lose their savings. Lee has no direct links to the collapsed bank.
Some of President Lee's closest aides and political allies have been convicted or put on trial in the savings bank scandal, where operators of failing financial firms paid off the officials to cover up mismanagement.
Lee was driven through a crowd of angry depositors demanding justice, after losing their savings, exceeding a 50 million won (US$43,600) state deposit insurance.
"I am fed up with current politics. Existing politicians, whether left or right, are all the same. Corrupt Republic of Korea!" said Choi Tae-hoon, a 51-year-old fisherman protesting in front of the prosecutors' office.
Lee was a successful businessman before serving six terms in parliament and has been a powerful presence in politics. The banking scandal has had little impact on the financial integrity of Asia's fourth largest economy, but has dealt a heavy blow to the political credibility of Lee's government.
Lee's three predecessors all saw their sons or brother prosecuted for taking bribes in return for the promise of influence.
The president's brother, Lee Sang-deuk, was summoned to appear at the Supreme Prosecutors' Office in Seoul to answer questions about the collapse of a savings bank which forced more than a dozen small institutions to shutdown and thousands to lose their savings. Lee has no direct links to the collapsed bank.
Some of President Lee's closest aides and political allies have been convicted or put on trial in the savings bank scandal, where operators of failing financial firms paid off the officials to cover up mismanagement.
Lee was driven through a crowd of angry depositors demanding justice, after losing their savings, exceeding a 50 million won (US$43,600) state deposit insurance.
"I am fed up with current politics. Existing politicians, whether left or right, are all the same. Corrupt Republic of Korea!" said Choi Tae-hoon, a 51-year-old fisherman protesting in front of the prosecutors' office.
Lee was a successful businessman before serving six terms in parliament and has been a powerful presence in politics. The banking scandal has had little impact on the financial integrity of Asia's fourth largest economy, but has dealt a heavy blow to the political credibility of Lee's government.
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