The special investigation team, headed by Special Prosecutor Min Jung-ki, is conducting a search and seizure operation at the Ministry of Economy and Finance (MOEF) and the Export-Import Bank of Korea (KEXIM) on Monday. This action is related to the former President Yoon Suk Yeol administration’s Economic Development Cooperation Fund (EDCF).
Investigators have been dispatched to the Central Building of the Government Complex Sejong, housing the MOEF, and the KEXIM headquarters in Yeongdeungpo District, Seoul, to execute the search warrant.
Sources indicate that this investigation is linked to allegations involving the Unification Church (Family Federation for World Peace Unification) and a South Korean spiritual leader, Jeon Seong-bae (known as ‘Geonjin Beopsa’), concerning requests for Cambodia’s Official Development Assistance (ODA) projects.
The Development Finance Bureau of the MOEF, which oversees ODA projects, is reportedly among the targets of the search.
The Unification Church is suspected of attempting to secure the project by providing Kim Keon Hee with luxury gifts through Jeon. These allegedly include a diamond necklace from the British jeweler Graff and two Chanel handbags valued at approximately 20 million KRW (about 14,400 USD).
On June 13, 2022, coinciding with the timing of the request from former Unification Church Director Yoon Young-ho, the government significantly increased its financial commitment to Cambodia. The loan support limit under the EDCF was more than doubled, rising from 700 million USD to 1.5 billion USD over a five-year period.
In November of the same year, former President Yoon and the First Lady made an official state visit to Cambodia.
KEXIM, which received the EDCF from MOEF, is responsible for the management and operation of the fund.