Chengdong Shipbuilding Alleged To Be The Source Of Bribery Obtained By Lee Myung-bak

- Mar 21, 2018-

According to a report by the Korean media, on March 16, sources from South Korean prosecutors stated that South Korea's Chengdong Shipbuilding may be the source of bribes received by former President Lee Myung-bak from the bankers.


Lee Myung-bak, who served as president of South Korea from 2008 to 2013, is currently being investigated for bribery charges. Among the 20 allegations it faced, one of the allegations was that Lee Pal-sung, a former president of Korea’s Woori Financial Holding Group, paid about 2.25 billion won (about 212 million won) to Lee Myung-bak between 2007 and 2011. Million U.S. dollars in bribes, in exchange for the highest position of the country's controlling large banks.glenflange


South Korean prosecutors claimed that the bribe was from shipbuilding in the east of the city. At that time, shipbuilding in the east of the city was in serious financial difficulties. This medium-sized shipbuilding company was established in 2003, but its fiscal situation has continued to deteriorate after the global financial crisis in 2008. During the period of Lee Myung-bak's tenure, Seongdong Shipbuilding obtained a government loan of 9.6 trillion won from the Export-Import Bank of Korea.glenflange

Seongdong Shipbuilding is also the main shipyard currently trying to save the Korean government. In early March, the South Korean government decided that Chengdong Shipbuilding would apply for the court to take over and not liquidate. The Korean government proposed that the court keep the business of shipbuilding in the east of the city, but it will shift its business to maintenance, subassembly or hull sub-construction. At present, Chengdong Shipbuilding has only 5 tanker orders.glenflange


According to the latest news on the 19th, the Seoul Central Prosecutor's Office in Seoul submitted a request to the court to arrest former South Korean President Lee Myung-bak. The court will decide whether to issue an arrest warrant to Lee Myung-bak. It is reported that the Korean court will make a decision on the 21st at the earliest.


According to the application of the arrest warrant submitted by the direction court, Li Mingbo was suspected of 12 charges, including accepting bribes, embezzling public funds, tax evasion, abuse of power, and so on.

Lee Myung-bak was born in 1941 and was the president of Korea from 2008 to 2013. He is another former South Korean president who was investigated by the prosecution after Quan Douhuan, Lu Taiyu, Roh Moo-hyun and Park Geun-hye.