Hyundai Exec Confirms Paying $500 Million to North

Reuters ^ | Feb 16, 2003

[Las Vegas Dave]

Updated 7:47 AM ET February 16, 2003

SEOUL (Reuters) - An executive of South Korea's Hyundai group acknowledged Sunday his firm had secretly sent $500 million to North Korea, saying the payments secured business rights and also helped bring about a landmark North-South summit.

At a news conference, Hyundai Asan Corp Chairman Chung Mong-hun apologized "with my head bowed," for controversy over the payments, which he said had secured for Hyundai the exclusive rights to seven business projects in North Korea.

But Chung added: "I also thought that the payments contributed to the summit."

South Korean President Kim Dae-jung apologized to the country Friday over two-week-old revelations that Hyundai sent cash to Pyongyang in 2000, including $200 million just days before Kim's historic summit with North Korean leader Kim Jong-il.

But Kim's government has denied allegations that the cash and state loans sent to the North by Hyundai Merchant Marine were used to entice Kim Jong-il to hold the summit in June 2000.

The "cash-for-summit" scandal has complicated the transition from Kim Dae-jung to his elected successor Roh Moo-hyun this month and tainted South dealing with North Korea at a time when South-North ties are strained by an international crisis over the North's suspected attempts to build nuclear weapons.

Chung, a son of the founder of the conglomerate, had just returned from North Korea, where Hyundai Asan operates a tourist project that has been the centerpiece of economic projects between capitalist South Korea and the communist North.

Chung declined to provide details on the projects he said were secured by the payments, defending the secrecy as key to maintaining Hyundai's advantage in competition with Western and Japanese firms for business projects in North Korea.

[Las Vegas Dave]

(I'll add Hyundai to my boycott list along with DaimlerChrysler!)

[cynicom]

What a fool. The next time the communists sweep south,they will serve this idiot his head on a platter.

[Just mythoughts]

So the South was being blackmailed, in 2000, now the real question is how much money has been filtered into the DNC via these people.

OK Clinton and his gang was hip deep in funding North Korea, the South's spine seems to have turned to mush. They actually bought into the idea that they could become friends with their brothers and make some money on the side.

What was the real purpose of the North Korean leaders visit with Rich er son? Something smells here.

Clinton's have taken money from other communist governments so what was their take from North and South Korea.

Taking out Bush is the communist/socialist/liberals goal, all their protest around the world are not anti-war but anti-Bush.

Americans need some answers about what the Clinton's are up to, Note: Before Blix ever spoke at the UN Clinton said that we should follow Blix.

[cynicom]

There is only one "organization" that can produce a worldwide "peace" march.

[Just mythoughts]

Who might that be?

[cynicom]

Communism is a weed that is cultivated. It will never be eradicated.

[raybbr]

All the tofu-eating, tree-hugging, Birkenstock-wearing, granola-munching anti-war protesters who bought these cars because of their "green" properties are supporting terrorists! Imagine that?

[Just mythoughts]

Since the leaders of Communism are none other than Bill and Hillary Clinton, they were the world leaders a few years back, and their only enemy is the "RIGHT", they seem to have an organized effort to make sure Bush does not get relected.

They want that power back and are willing to share with any other country in the world so long as that country helps do Bush the "RIGHT" in.

So while other countries keep the media spotlight, I am watching what Bill and Hillary are doing and saying, because their words are like "CODE" to all communist/socialist/liberals around the world.