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Public funds lawsuit against South Korea's financial sector
9/18/2002 10:59:00 AM

The financial-sector liquidation agency Korea Deposit Insurance Corporation (KDIC) has undertaken a large-scale lawsuit regarding the introduction of pubic funds into the financial and business sectors. According to the KDIC, owners of the financial organizations and bankrupt companies and their former and current staff, numbering 4,534 people, were found to be directly responsible for the loss of W15.56 trillion. The KDIC demanded that the organizations file a damage compensation lawsuit against 4,491 of those people to collect W1.24 trillion. This lawsuit was unveiled by a report on the KDICís investigation, submitted by Representative Park Jong-keun of the Grand National Party. The special committee for the management of public funds in the National Assembly, chaired by Park, will begin its investigation into this matter on Tuesday.

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