Loan Scandal Bares Moral Hazard at Top

Korea Times (Seoul, Korea), October 25, 2000 | Go to article overview

Loan Scandal Bares Moral Hazard at Top


The latest loan scandal is at a turning point with a high-ranking FSC official now implicated in the scandal, sending a tidal wave towards the financial sector.Even though there still remain questions to be answered, one thing is clear: a current high-profile official at the FSC illegally invested in stocks of a venture firm and his resulting losses were fully covered by the firm's presiden .

The so-called ``Chung Hyun-joon Gate'' started as a simple loan scandal. Chung Hyun-joon, president of Korea Digital Line, a venture firm specialized in merger and acquisitions of venture firms, was the focus of an investigation by the Financial Supervisory Service on suspicion that he illegally borrowed a total of totaling 65 billion won from Dongbang Mutual Savings &Finance.

However, he ignited a bomb, divulging that he wired 360 million won to one FSC official in order to compensate him for his losses from investment into the privately-placed investment fund managed by Chung.

His allegation was proven to be partly true by the FSC's investigation. Chang Rae-chan, director of the FSC, turned out to have invested in the two venture firms -- Korea Digital Line and Pyung Chang -- with borrowed name accounts. …

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