[Exclusive] Fake Fisheries Businessman Attempts to Organize 3-on-3 Basketball International Tournament... Nearly Caused Global Embarrassment

During Tenure as President of Korea KXO, Pushed for Hosting
Promised More Than Twice a Year in Inaugural Speech
Utilized Contact Channels with Government Officials
Through FIBA Approval Process
Fortunately, Plans Were Foiled by COVID-19
Support Funds Promised Were Not Provided, Leading to Dismissal

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Hyung-min] It has been confirmed that Kim Mo (43, detained), a self-proclaimed fisheries businessman who flaunted connections with influential figures while conducting the so-called "Squid Investment Scam," attempted but failed to host an international tournament during his tenure as chairman of the Korea 3x3 Basketball Committee (KXO).

According to basketball insiders on the 8th, Kim had planned to host an international tournament in South Korea and was moving forward with the execution. When he took office as KXO chairman in May last year, he stated that "we will host more than two international tournaments annually."

To host an international sports tournament, cooperation with relevant government departments is essential. From preparation to hosting and closing, there is extensive contact with government officials. A basketball insider said, "To host a 3x3 basketball international tournament, approval from the International Basketball Federation (FIBA) is required, and obtaining this approval is not easy," suggesting that Kim was aware of this in advance and tried to exploit it.

It appears that there were not significant difficulties in hosting the 3x3 international tournament. Andreas Zagklis, an International Olympic Committee (IOC) member and FIBA Secretary-General who holds real power, was reportedly very cooperative in hosting international tournaments. In 2017, 3x3 basketball was adopted as an official event at the Tokyo Olympics, attracting much attention.

The domestic entry barriers were also low. A representative from the Korea Basketball Association said, "Currently, there are only two organizations related to 3x3 basketball in Korea operating regular leagues: the Korea 3x3 Basketball Federation and KXO, which was formed by amateur athletes. However, KXO's internal system is not yet well established." In fact, KXO reportedly knew Kim only as a businessman trying to start a new venture related to basketball, despite his lack of basketball experience, and did not suspect him at all.

Kim's plans were dashed by COVID-19. Due to the pandemic, most domestic and international 3x3 basketball tournaments were canceled, making hosting difficult. KXO also suffered from severe financial difficulties. However, Kim reportedly never provided the promised support funds nor the customary sponsorship fees typically paid by heads of sports organizations. Due to this issue, he clashed with KXO and was dismissed in November last year.

Kim's pattern of fraudulent activities has been similar. He would obtain a "title" by rising to a key position in an organization and use it to expand his network or gain benefits. Kim also held titles such as vice chairman of an internet media company, standing member of the Internet Newspaper Ethics Committee, chairman of the UNICEF Gyeongbuk branch sponsorship committee, and chairman of the Korea Multicultural Family Association Daegu-Gyeongbuk sponsorship committee. In 2019, he received the Seoul Peace Award in the volunteer category. Kim is currently on trial, having been arrested and indicted on charges of embezzling a total of approximately 11.62 billion won from seven victims between June 2018 and last January by flaunting his connections with wealthy and influential figures to collect investment funds.

After his arrest, Kim revealed to the police that he had provided money and gifts to a sitting chief prosecutor, a police officer of superintendent rank, and current and former journalists. It is also known that Park Young-soo, the special prosecutor who prosecuted the state affairs manipulation case, resigned after reportedly receiving or borrowing luxury cars and seafood from Kim.

At a trial held yesterday at the Seoul Central District Court, Kim's side dismissed various suspicions, stating, "This is a simple fraud case, not a gate." Kim's next trial is scheduled for the 21st. Meanwhile, the police are considering executing an arrest warrant against Kim, who has recently been uncooperative during investigations.

This content was produced with the assistance of AI translation services.