Ex-Ssangbangwool chairman denies all allegations in company’s North Korea remittance case

Kim Sung-tae, the former chairman of Ssangbangwool and a central figure in the suspected attempt to influence testimony in the company’s alleged remittance to North Korea, arrives at the Seoul High Prosecutors’ Office building in Seocho District, southern Seoul, on Jan. 8. [NEWS1]

 
Kim Sung-tae, the former chairman of Ssangbangwool and a central figure in the company’s suspected attempt to influence testimony regarding its alleged remittance to North Korea, was summoned for questioning by prosecutors on Thursday. Kim denied all allegations.
 
The human rights violation inspection task force at the Seoul High Prosecutors’ Office began questioning Kim at around 10 a.m. as a suspect on charges of embezzlement and breach of trust.
 
 
The task force has been investigating claims that Ssangbangwool offered financial benefits to Ahn Bu-soo, the head of the Asia-Pacific Exchange Association and a key witness in the company’s North Korea remittance trial, in an attempt to sway his testimony. Ahn previously served as a liaison between Ssangbangwool, the Gyeonggi provincial government under then-Gov. Lee Jae Myung and North Korean officials. 
 
After arriving at the Seoul High Prosecutors’ Office in Seocho District, southern Seoul, Kim responded to a reporter’s question about whether he had offered money to buy Ahn’s silence by responding, “What was there to buy?” He then flatly denied claims that alcohol had been brought into the Suwon District Prosecutors’ Office, saying, “No.”
 
When asked whether he had attempted to persuade former Gyeonggi Vice Gov. Lee Hwa-young, Kim said, “What would I have gained by persuading him?” and denied the accusation.
 
While under investigation in 2022 for violating the Foreign Exchange Transactions Act, Ahn initially testified that the remittance was intended to boost Ssangbangwool’s stock price. He later changed his testimony in court to say the money was meant to fund Gov. Lee’s visit to North Korea. This reversal became a key piece of evidence in the conviction of Lee Hwa-young, who was sentenced to prison.
 

Kim Sung-tae, former chairman of Ssangbangwool and a central figure in the suspected attempt to influence testimony in the company’s alleged remittance to North Korea, enters the Seoul High Prosecutors’ Office building in Seocho District, southern Seoul, on Jan. 8, 2026. [YONHAP]

 
Prosecutors suspect that Ssangbangwool provided Ahn’s daughter with an officetel unit for two years and eight months starting in March 2023 and paid her rent and deposit, which totaled 72.8 million won ($50,200). The company is also suspected of having fabricated her employment at a subsidiary business, paying her 27.05 million won in wages.
 
Prosecutors believe these actions were intended to influence Ahn’s testimony and statements.
 
The task force is expected to question Kim about the “salmon and soju party” as well, during which food and alcohol were allegedly brought into the Suwon District Prosecutors’ Office on May 17, 2023, during the questioning of Kim, Lee Hwa-young and former Ssangbangwool Vice Chairman Bang Yong-cheol — an act suspected to be part of a broader attempt to influence testimony.
 
As part of the investigation, the task force questioned prosecutor Park Sang-yong, who had handled the North Korea remittance case, on Dec. 30, 2025. It then questioned Bang on Tuesday, followed by a former Ssangbangwool executive, who was accused of purchasing the soju in question, the following day. Ahn is scheduled to be questioned on Monday.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHO MUN-GYU [[email protected]]