[Breaking] Kim Won-woong Voluntarily Resigns as President of Gwangbok Association... "Bows Head in Apology"

[Image source=Yonhap News]

[Asia Economy Yang Nak-gyu, Military Specialist Reporter] Kim Won-woong, chairman of the Gwangbokhoe, who is suspected of embezzling profits, has resigned. Chairman Kim, who took office in June 2019, was disgracefully forced to step down after 2 years and 8 months as it was revealed that he had created slush funds using the profits from the cafe operated by Gwangbokhoe.

On the 16th, Chairman Kim stated in a press release, "I bow my head and apologize for tarnishing the pride of the members and the honor of Gwangbokhoe," adding, "It was entirely my fault for not being able to judge people and for poor supervision and management, which led to this unfortunate incident."

According to the "Gwangbokhoe National Assembly Cafe Audit Summary" submitted by the Ministry of Patriots and Veterans Affairs to the National Assembly's Political Affairs Committee on the 15th, Chairman Kim's slush funds were created through the outdoor cafe "Heritage 815," operated inside the National Assembly building in Yeouido, Seoul. This cafe was established to support scholarship projects for descendants of national patriots. When the cafe placed orders with company Y, Y created slush funds by receiving rebates from coffee suppliers through methods such as false sales and inflated billing.

According to the audit results by the Ministry of Patriots and Veterans Affairs, Chairman Kim spent 600,000 won of these slush funds at an unlicensed massage parlor operating without a business name in an apartment complex in Jongam-dong, Seongbuk-gu, Seoul. He visited the parlor six times, paying 100,000 won per massage session. Additionally, the cooperative "Heojun Herbal School," established by Chairman Kim, received slush funds totaling around 20 million won, including ▲14.86 million won for construction costs and ▲3 million won for purchasing saplings and flowers. The total amount of slush funds misappropriated by Chairman Kim reached approximately 72.56 million won.

Gwangbokhoe has scheduled an extraordinary general meeting on the 18th to vote on a "no-confidence motion against the chairman" and has requested a police investigation into Chairman Kim and other related parties.

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