ID :
207475
Fri, 09/16/2011 - 05:23
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Shortlink :
https://oananews.org//node/207475
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President's cousin under probe for swindling investors
SEOUL (Yonhap) - A cousin of President Lee Myung-bak is currently under a prosecutors' probe on suspicion that he swindled investors out of a massive amount of money by using his family ties to the president, prosecutors said Friday.
The prosecution started the investigation after two building contractors sued the 75-year-old cousin surnamed Lee and his two sons for falsely promising them that they would win the rights to join a river refurbishment construction project led by the Lee administration, the Suwon District Prosecutors' Office said.
The complaints said in the petition submitted to the prosecution that they gave 300 million won (US$269,662) in investment funds to Lee after he and his sons suggested in August 2009 the contractors make investments in the current administration's signature four-river refurbishment project and other construction plans.
The cousin induced them to pay up as an investment, saying the president had promised him that he'd give the contractors an advantage in winning orders for the multi-trillion-won river construction project, the petition said.
The prosecution said they are looking closely into the accusations and plan to speed up their investigation on the case involving the president's relatives.
The prosecution started the investigation after two building contractors sued the 75-year-old cousin surnamed Lee and his two sons for falsely promising them that they would win the rights to join a river refurbishment construction project led by the Lee administration, the Suwon District Prosecutors' Office said.
The complaints said in the petition submitted to the prosecution that they gave 300 million won (US$269,662) in investment funds to Lee after he and his sons suggested in August 2009 the contractors make investments in the current administration's signature four-river refurbishment project and other construction plans.
The cousin induced them to pay up as an investment, saying the president had promised him that he'd give the contractors an advantage in winning orders for the multi-trillion-won river construction project, the petition said.
The prosecution said they are looking closely into the accusations and plan to speed up their investigation on the case involving the president's relatives.
