Son of S. Korean Leader Denies Role in Bribes Scandal
The son of South Korean President Kim Young Sam tearfully denied Friday that he is involved in the bribes-for-loans scandal that has shaken his father’s government.
Testifying at a parliamentary hearing, Kim Hyon Chol said he was not the main backer of the bankrupt Hanbo Iron & Steel Co., which collapsed in January after piling up $6 billion in debts, mostly in bank loans.
Sobbing and dabbing his eyes with a handkerchief, the younger Kim said allegations about his role in Hanbo and its fall are unfounded.
He also denied accusations that he had planted associates in key government posts and received $220 million in kickbacks for helping foreign contractors sell steel-making equipment to the company.
He nonetheless asked for forgiveness: “Although I’m not directly responsible, I would like to apologize to the nation for stirring up the controversy. I am praying for my repentance.”
In Confucian-oriented South Korea, public figures commonly take moral responsibility and publicly apologize for perceived faults even when they are guiltless.
Eleven people, including a former Cabinet minister and three key presidential aides, are on trial on charges of taking or giving bribes in exchange for arranging loans for Hanbo.
Although he was not directly implicated, President Kim has apologized for the scandal and the controversy surrounding his son.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
