Former naval officer Chung Eui-sung reportedly collected brokerage fee of 300 billion won for just one project

News : The Hankyoreh – Chung is suspected of concealing the amount in Hong Kong and other countries after receiving a brokerage fee of nearly 300 billion won for the navy‘s acquisition of 1,200-ton and 1,500-ton submarines from the German company HDW. Chung is well known as a major figure on brokering naval weapons transactions. A member of the 17th class at the Korea Naval Academy (joining in 1959), he was later deployed to Vietnam and worked in logistics and procurement before his 1977 discharge. He went on to head the South Korea branch of MTU, a German maker of submarine engines, before entering the field of weapons brokerage in 1983 with his establishment of Haksan Silop, a company named after his home village of Haksan in Gangneung, Gangwon Province. Having prospered through his associations with the Korea Naval Academy and Germany, Chung also gained notoriety outside the military for his involvement in the Yulgok Project scandal in 1993, in which he received an eighteen-month prison sentence suspended for three years after revelations that he delivered 300 million won to former Navy Chief of Staff Kim Chul-woo to participate in a Korean destroyer development project.

Source: Arrest warrant on corruption charges sought for big-name defense mogul

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