South Korean priests accuse Samsung of setting up slush funds

Published: 2007-11-01

SEOUL, South Korea (CNS) -- Catholic priests have called for the investigation of South Korea's largest conglomerate, Samsung Group, and accused them of creating multimillion-dollar slush funds. The Catholic Priests' Association for Justice said in a statement released at a press conference Oct. 29 that Kim Yong-cheol, a former Samsung lawyer, told the association that several bank accounts were opened under his name without his knowledge. The priests association said one of the accounts contained more than $5.5 million, reported the Asian church news agency UCA News. The association, which has gained public attention for fighting for political and social reforms, offered as evidence account numbers and transactions involving three bank accounts and a security account opened in Kim's name. Kim retired three years ago as head of Samsung's legal team. Samsung might have stashed millions of dollars in up to 1,000 secret bank accounts it opened in its executives' names without informing them, the association said.

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