|H-mart Denies Chun Doo-Hwan's Secret Funding Allegation|
|보스톤코리아 2013-09-02, 11:50:34|
Written by Hyun Cheon Kim / Translated by Risa Kim
H-mart took early action against the allegation that secret money of former South Korean president Doo-Hwan Chun was hidden by H-mart.
Korean news broadcasting channel TV Chosun reported on the 14th, "South Korean prosecutors have traced Chun Doo-Hwan's secret funding to H-mart, as they found suspicious money laundering in an account.” H-mart strongly denied the allegation, and they will take action against the newschannel for defamation.
Kwon Il-Yeon, The CEO of H-mart, reported throughout the Korean-American press, "The allegations of H-mart's secret funding is not true," and " We are considering filing a suit against TV Chosunfor letting the news out without any proof."
In an interview with Korean Daily, Kwon said "I'm the real owner who has 100% stake in H-mart. If you can prove that the former president Chun Doo-Hwan is the real owner, I will give up the ownership of all 50branches.”
However, TV Chosun also reported that the prosecutors seized and searched a branch ofa commercial bank in Seoul, and found out that Chun Doo-Hwan's second daughter-in-law, Park Sang-Ah, sent about 500,000 dollars to H-mart in 2003.
In Park's remittance slip, it was clearly stated as "H-mart investment", and she did a wire transfer to the U.S. right after she received money from someone.
In 2003, the year Park Sang-Ah sent the money, her husband Chun Jae-Yong was getting investigated for tax evasion.
According to TV Chosun, the prosecution confirmed that Park Sang-Ah sent more money to H-mart through a different bank on the same day. The rumor of a relation between Chun Doo-Hwan's family and H-mart has been going around for a long time, and the chance of this rumor being the truth is increasing.
TV Chosun believes that the allegation of Chun Doo-Hwan family's intervention in H-mart could be confirmed as true.
Prosecution can charge the Chun family with having offshore hidden assets, and the prosecution knows all the fund scales of Chun family's wire transfer, including H-mart, through financial authorities.
H-mart has 40 stores in 13 US states including Burlington, Massachusetts. Most Korean-Americans and Asian-Americans purchase food and household items from H-mart. There are Korean food courts and Korean product storesin most H-marts.
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