Hello everyone, welcome to the article of Jinge's in-depth analysis.
South Korea's Economic Development during the "Miracle of the Han River" (Unit: US$100 Million/Year)
When the "Miracle of the Han River" was staged in South Korea, the economy grew rapidly, and South Korea's financial industry also grew barbarically. At that time, everyone in South Korea wanted to mix a foot of finance, and the emergence of financial fraud was naturally out of the question. But in the 1980s, there was a fraud case in South Korea that can be described as a history record, and almost everyone in South Korea at that time knew about it, because this case forced a major change of blood at the top of the government, and the mastermind was even a relative of the president. This case is "Lee Chul-hee - Zhang Lingzi Promissory Ticket Fraud Case"
Scam Mastermind: Beauty Zhang Lingzi
"Lee Chul-hee – Zhang Lingzi Promissory Ticket Fraud Case," east Asia Daily reported
To talk about this case, we have to introduce Zhang Lingzi and Li Zhexi's family. As mentioned earlier, this family is not simple. Jang Reiko was the aunt of Lee Soon-ko, the wife of then South Korean President Jeon Doo-hwan, and naturally had a good relationship with the president. Zhang Lingzi's husband Li Zhexi is even more important. Lee Chul-hee's older brother is the uncle of the president's wife, Lee Soon-ko, who is himself the second-in-command of the Central Intelligence Department. The president's relatives + high-ranking officials are from a high-ranking background, which is really not small.
President Chun Doo-hwan and Lee Soon-ko
So with this identity, the two began their own "financial operations". At that time, although the economy of South Korea was growing rapidly, the chaebols were still short of money, and from time to time there was a danger that the capital chain would be broken. Moreover, the collusion between Korean officials and businessmen at that time was very serious, and corporate executives often "friendshipd" with senior political officials, which is why Zhang Lingzi targeted these chaebols and wanted to use her and her husband's identity to exert her fists.
Her scam soldiers divided into two ways, first looking for enterprises with difficult capital flow, promising to lend, but only if the enterprise was required to issue large promissory notes that exceeded the loan amount (promissory notes must be repaid unconditionally when the time comes, so they can also be freely circulated); After getting the promissory note, she sold it at a high price in the market for profit; Or let the enterprise issue a bank promissory note (the bank can cash directly from the corporate account when the repayment period arrives), and then discount it to the small and medium-sized bank.
Let the chaebol bank directly open a large amount of money to owe a bunch of money, the chaebol is certainly unwilling, but when you hear that the creditor is a relative of the president, a "well-informed person", then naturally you will believe Zhang Lingzi. Zhang Lingzi earned money under the banner of "psychic people", but she was completely unable to interfere in the government affairs of the Blue House, let alone pull these enterprises. Although it is true that some funds can be provided at the beginning to maintain the flow of funds of the enterprise, but once the repayment time comes, the enterprise naturally cannot repay it, and it has to go to Zhang Lingzi to borrow money; As for small and medium-sized banks, when they hear that they are relatives of the president, they will only blindly believe it, and when they can't get money from the enterprise, they can only treat it as bad debts.
Zhang Lingzi's "financial investment" can be described as a "good business" with low risk and high return. So accumulated day by day, waiting until the East Window incident, one of the deceived companies could not help but call the police, and everyone was dumbfounded when the official investigation was announced - the amount involved was as high as 7.1 trillion won, equivalent to 1.4% of South Korea's GDP in 1982 and 10% of the government budget! Zhang Lingzi spends enough money every day to buy a house a day in a prime location of the capital, which can be described as extravagant. This announcement shocked the South Korean people, and when the people heard that Zhang and Lee had an affair with the president, Chun Doo-hwan, who was "not right in the country", instantly became precarious, indirectly triggering the next high-level purge of the government.
Zhang Lingzi's family is doing this, is no one at the top of the government really knowing? Of course, Li Hepeng, then the president's chief secretary of civil affairs, and Yu Xuesheng, minister of security and enterprises, both secretly investigated. But when they found out that this matter involved the president, they were too frightened to do anything; And Xu Heping, Xu Sanshou, as the president's right hand man, also took advantage of this to say that he wanted to drive the president's relatives out of the front line, and this also made President Quan Douhuan, who "one person has the ascension of a chicken and a dog to heaven", greatly dissatisfied. In one open strife after another, "Erxu" even used this case to force The Palace to force Quan Douhuan with a group of elders, and Quan also realized that these two people had threatened his status and rule, so he fortunately exiled them to the United States.
"Two Xu": Xu Heping and Xu Sanshou
In order to "apologize to the people" and preserve the legitimacy of their own regime. Dignitaries in the South Korean government have also begun to save themselves – the South Korean cabinet has begun to form a second cabinet. Li Hepeng and Yu Xuesheng, who hid the matter, resigned, and the secretarial team of Quan also resigned, and Quan Zhengda, a senior member of the ruling party who had an affair with Zhang Lingzi, also chose to resign. But in the end, Chun Doo-hwan retained them and returned to work after the incident. In order to prevent the recurrence of the "Zhang Lingzi incident", the "financial real-name system" was also announced to be introduced the following year, but in the end it was not due to the "black gold" involving senior government officials.
Li He and Yu Xuesheng
As for Zhang Lingzi and others, after the East Window Incident, they were "killed by Chun Doo-hwan", and Chun Doo-hwan even arrested his uncle Li Shunzi. But that won't save the Chun Doo-hwan government's reputation.
The two arrested: Zhang Lingzi and Lee Chul-hee
It is worth mentioning that Zhang Lingzi continued to cheat after parole in 1991, and was still arrested and imprisoned for defrauding 600 million won in 18 years, and has successfully "entered the palace" three times as of January this year. His relatives have lost their power and they are still cheating, which is really lamentable that dogs can't change eating.