Prosecution Begins Probe into ‘Lotto Absurdity’.
As to suspicion that there was a possibility of absurdity in choosing Lotto business, the prosecution is stepping forward its investigation. Now that the suspicion of irrationality has been referred to the prosecution for investigation, after going through inspection by the Board of Audit and Inspection, the substance will be revealed in no time. Reviewing precedents of privileged cases, one should not exclude the possibility of slush funds and lobbying the world of politics and government circles, so we cannot but take notice of the prosecution's investigation.
The focus of suspicion is if Kookmin Bank gave privileges to the Korea Lottery Service (KLS) in the course of selecting the Lotto business and why it allots high commissions on lottery tickets.
KB selected the Youngwha accounting corporation, which was an outsourcing company of KLS, even though they limited selection requirements of "No history of outsourcing of on-line lottery business". The Youngwha accounting corporation excluded other competing businesses, adding importance on the completion of a system and taking sides in favor of only the KLS. It is suspected that KB, the Youngwha accounting corporation, and the KLS are closely connected to one another in the lotto scandal.
The rate of lotto lottery ticket commissions has reached 9.523%. The KLS rate is more lucrative than rates in other countries: Brazil at 5.75%, Hongkong at 6%, and Taiwan at 7%. Some suspect that the other lottery markets were too narrowly evaluated in order to increase the commission rate for KLS. The KLS made a profit of 362.2 billion won from Lotto in 2003 when it was introduced in South Korea for the first time. The business, instead of a lottery customer, hit the jackpot.
The prosecution found that the person in charge of the lottery department at KB, has a younger brother who bought stocks of PUMYANG CONSTRUCTION CO., LTD which is the main shareholder of the KLS, and made a fortune. The prosecuting authorities should investigate who supported the illegal lotto business. They shouldn't exclude the fact that some political authorities were said to be involved in the lotto scandal, when the government of ex-president Kim Daejoong started the Lotto lottery business project. The former government may have stabbed the people in the back, if they had given and received bribes. They will deal with this scandal at the National Assembly during the parliamentary inspection of the administration.
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 / 입력시간: 2005. 09.23. 08:40
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