Huge amount of cash and cash equivalents found in home of Kim Un-yong

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Last updated at: (Beijing Time) Sunday, January 11, 2004

Huge amount of cash and cash equivalents found in home of Kim Un-yong

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The prosecution said Saturday in Seoul it hadfound and seized a total of 6 billion won (5.1 million US dollars)worth of cash and cash equivalents, including foreign currency, inthe house of Kim Un-yong, South Korea's most influential sports official.

It said there were also gems, including diamonds, and gold in the personal safe of Kim Un-yong, vice president of the International Olympic Committee (IOC).

"We are launching an investigation into the origins of the money," said a prosecution official. The official said Kim will besummoned again next week.

Earlier, the prosecution said it had found 1.7 million dollars in foreign currency and 4 billion won (3.38 million dollars) worthof cash and cash equivalents at his home, but Kim claimed part of the money was from donations he received from businessmen to finance his campaign for the IOC presidential election in 2001.

The prosecution is seeking an arrest warrant for the 72-year-old former chairman of the (South) Korean Olympic Committee (KOC) on suspicions of accepting over 500 million won (423,000 dollars) from businessmen in exchange for his promise to get them KOC membership.

Kim, a former legislator, is also suspected of embezzling billions of won donated by businesses to his World Taekwondo Federation.

A series of corruption allegations led Kim to announce his resignation from the National Assembly and the presidency of both the World Taekwondo Headquarters and the World Taekwondo Federation on Friday.

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