[a borrowed-name fortune] Former Chairman Yoo Byung-eun owned around 200 condominium buildings near Geumsuwon under a borrowed name?

1. What are the false reports?

Several media outlets have published false reports regarding Former Chairman Yoo Byung-eun’s property under borrowed name, such as ‘Former Chairman Yoo Byung-eun owned around 200 condominiums near Geumsuwon under borrowed name’ but by order of the Press Arbitration Commission or through negotiation between the related parties, media outlets have either deleted the false reports or published correction reports. Examples are as follows.

 

 

 

2. Report VS Fact

 

Former Chairman Yoo Byung-eun owned around 200 condominium buildings near Geumsuwon under a borrowedname.

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The condominium buildings near Geumsuwon amounting to around 240 buildings are not property of Former Chairman Yoo Byung-eun under a borrowed name, and this has been proven by court judgment on 2015 April 21.

 

 

 

 

 

3. Relevant Articles

<Voice of Seoul 2015 July 11>

http://www.amn.kr/sub_read.html?uid=20763

‘Sewol ferry did not belong to Yoo Byung-eun’ 1 year since the death of Yoo Byung-eun, and the uncomfortable truth

 

Last year, for several months after the Sewol ferry disaster, Shin Myung-hee who was known as the alleged finance manager of the Former Chairman Yoo was often mentioned in the media and by prosecutors who referred to her as “Mother Shin” and accused her of purchasing 224 Hong-ik apartments with slush funds belonging to the Former Chairman Yoo Byung-eun.

 

However, on April 21st, in the appeals court (Seoul High Court 5th Crimes Department) judged that “the evidence submitted by the prosecutor is insufficient to prove that Yoo Byung-eun is the de facto owner of the Hong-ik towers with reasonable doubt; in fact, no such evidence exists that can prove this claim.” As result of the appeals trial, Shin received the same sentence she received from the first trial of 10 months imprisonment with a 2 year probation period. This ultimately means the prosecution office made empty claims that Former Chairman Yoo Byung-eun was the de facto owner, without any evidence to support them.

 

 

 

 

 

4. Correction and Refuting Articles

<Sisa-Journal 2015 July 27>

http://www.sisapress.com/news/articleView.html?idxno=65002

Corrective and refutive articles (#2) regarding the Evangelical Baptist Church (Guwonpa) and Yoo Byung-eun

11. Of the articles regarding the fortune and loans of Former Chairman Yoo Byung-eun

 Most of the fortune of $206 million (approximately equivalent value in USD) that was reported to belong to the family of Former Chairman Yoo Byung-eun was actually property of the agricultural partnership made up of the members of the Evangelical Baptist Church. Real estate property near Palm Springs in the US has been found to be unrelated to the Former Chairman Yoo Byung-eun. Also the court declared as judgment that the 240 condominiums near Geumsuwon cannot be determined to be property of Former Chairman Yoo under a borrowed name. Additionally, there is no history of his having used a certain credit union as his personal safe or having received a loan of $343 million (approximately equivalent value in USD) through illegitimate means from a financial institution.

 

 

 

<Cultural Daily Report 2014 December 26>

http://www.munhwa.com/news/view.html?no=2014122601071421000001

Corrective and refutive articles (#2) regarding the Evangelical Baptist Church (Guwonpa) and Yoo Byung-eun

 

Prosecutors have announced final results of Sewol ferry investigations saying that there is no evidence to support that the Former Chairman Yoo has ever lobbied to political or financial institutions or that Semo’s legal management was executed under an illegal process. Jeon Yang-ja has clarified that she has never remarried to brother-in-law of Former Chairman Yoo. It has been confirmed that at the time the Former Chairman Yoo worked at the Far East Broadcasting Company, he separated from the Missionary Department under mutual agreement.

 The Evangelical Baptist Church has always stated that there is no truth in the statements that any member of its congregation has threatened those testifying in court, that the Former Chairman Yoo is the church leader, or that it has ever forced sales of the pictures to its members or employees. Contrary to the reports claiming there was a special meaning behind the names, they only had their literal meaning of the word, such as “Cheonhaeji” meaning “sky, ocean, land”, “Ahae” meaning “child”, and “Semo” meaning “triangle”. Also, it has been proven that Yoo Hyuk-kee, Kim Pil-bae, and Kim Hye-kyung left the country before the incident of the Sewol ferry accident (April 16th), and it has been proven that a church member Yang has never embezzled hundreds of dollars from church funds. The Former Chairman Yoo didn’t own any shares in the Chonghaejin Marine Co. so is not a de facto owner, and he did not own the 200 condominium buildings near Geumsuwon under a borrowed name nor was Shin a secretary of the Former Chairman Yoo.

 

 

 

 

 

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