The independent counsel investigating a huge transfer of money to North Korea was set to seek an arrest warrant for Lee Keun-young, former chairman of the Financial Supervisory Commission, for breach of trust yesterday.Lee served as governor of the Korea Development Bank when the state-run organization extended 400 billion won in loans to Hyundai Merchant Marine Co. in June 2000, violating company credit limits.
Of the loans, 223.5 billion won was sent to North Korea after being changed into U.S. currency immediately before the first-inter-Korean summit was held in Pyongyang in the same month.