The head of a cryptocurrency company, currently under investigation for fraud allegations, has been revealed to have accompanied President Yoon Suk Yeol on his state visit to Saudi Arabia last month as part of an ‘economic delegation.’ This has sparked controversy. After the visit, the company’s CEO even promoted in a coin-related chat room, saying, “The news from Saudi seems like it will yield good results, so please wait a little longer.”
According to industry sources, on the 11th, the Korea Businessmen’s Association (KOBA) recruited business people to accompany President Yoon on his state visit to Saudi Arabia and Qatar last month. After several rounds of review, 139 members were selected for the economic delegation.
Among the selected were 70 small and medium-sized business representatives, including a representative referred to as Mr. A, who is implicated in cryptocurrency fraud allegations.
Mr. A, who has a history of being sued by cryptocurrency investment victims, applied for this economic delegation under the name of another small and medium-sized enterprise he represents. It was revealed that Mr. A had reimbursed the victims, causing them to withdraw their lawsuits, but the prosecution is still investigating him.
Previously, Mr. A had issued coins in 2018 and attracted investment by flaunting relationships with renowned overseas companies like Amazon and Microsoft (MS). Another executive from his company even promoted the possibility of a meeting with Crown Prince Mohammed bin Salman of Saudi Arabia. However, the promised meetings never materialized, and the coin was listed on an overseas exchange at less than half the price the company promised.
KOBA only became aware of Mr. A’s potential criminal involvement after the economic delegation had departed for Saudi Arabia. Measures were taken to prevent Mr. A from attending official events in Saudi Arabia.
After the visit, Mr. A’s company was revealed to have promoted in a coin-related chat room, saying, “The news from Saudi seems like it will yield good results, so please wait a little longer.” In response to this, a representative from Mr. A’s company stated in an interview with SBS, “There are parts that are different from the truth, and sensitive contents are included,” and “We cannot disclose detailed information about the results of the visit at this time.”
A KOBA official said, “We did not discover that Mr. A applied under the name of another corporation during the selection process,” and added, “We plan to strengthen our internal verification process in the future.”
Meanwhile, the Democratic Party of Korea has called for a responsible explanation from the presidential office, disciplinary action against those involved, and an apology. Kang Seon-woo, a spokesperson for the Democratic Party, criticized in a written briefing on the 10th, “It is a national disgrace and a loss of national prestige for President Yoon Suk Yeol to have traveled with a company under investigation for cryptocurrency fraud during his Middle East tour. The company had recruited investors by claiming they would meet the Crown Prince of Saudi Arabia. They would have used the tour itinerary, which included traveling with President Yoon, for fraudulent purposes.”
Spokesperson Kang asked, “Why do ‘companies under suspicion of fraud’ keep appearing near President Yoon, such as the case of the coin company that produced Yoon Suk Yeol’s NFT during the last election?” He emphasized, “The presidential office must provide a responsible explanation and take disciplinary action against those involved. They should also apologize to the citizens who this company has harmed.”
By. Kang Ji Yong
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