Park Soo-young, a People’s Power lawmaker, exposes the National Inspectorate
A professor from Chonbuk National University is responsible for ‘service’ transferring business rights to Chinese descent
“Completion of stock purchase contract… Hole in energy security
“72 billion 7200 times the capital of the teacher’s family”
“If the business license goes over, electricity bills will drop out of 50 billion earned a year”
Former president Moon Jae-in emphasizes the importance of strengthening the competitiveness of offshore wind and green energy at the ‘Korea New Deal, Green Energy Site – The Wind Blows’ event held at the offshore wind power demonstration complex in Buan-gun, Jeollabuk-do on July 17, 2020. 2020.7.17 Yonhap News” style=”padding: 0px; margin: 0px”>
▲ Former President Moon speaks
Former president Moon Jae-in emphasizes the importance of strengthening the competitiveness of offshore wind and green energy at the ‘Korea New Deal, Green Energy Site – The Wind Blows’ event held at the offshore wind power demonstration complex in Buan-gun, Jeollabuk-do on July 17, 2020. 2020.7.17 Yonhap News
“style=” padding: 0px; margin: 0px”>
▲ Bird’s eye view of Saemangeum Development
Saemangeum’s renewable energy business, which former President Moon Jae-in emphasized several times during his tenure as “I will take care of myself,” is at risk of being handed over to a Chinese company. A professor at a national university in Jeollabuk-do appears to have signed a stock sale contract to transfer the offshore wind power business right (99.2 MW) being developed in the Saemangeum area to the Chinese capital. The professor’s family is said to have earned more than 70 billion in profits, more than 7,000 times the capital, in exchange for transferring their shares to a Chinese company. In particular, concerns have been raised that more than 50 billion won in electricity bills will be dropped annually as a Chinese company will have full ownership of the offshore wind energy business.
Professor S’s family shares 84% of the offshore wind energy business correctly
With 10 million earned in capital, he earned 72 billion in profit
According to state audit data by Rep. Park Soo-young of People’s Power on the 4th, ‘The GOD’, a special purpose corporation (SPC) with the right to operate offshore wind energy, which is being developed on approximately 260,000 square meters (80,000 pyeong) per inside the Saemangeum No. The parent company transferred the business rights to Company A, a Thai company with a 100% stake, and signed a stock sale contract totaling $50 million (about 72 billion won).
The representative of Company B, the parent company of Company A, is a person known as the head of the Korean branch of a Chinese state-owned company, so Company B is classified as a Chinese company, Park explained.
With this contract, ‘The DUW’ with a capital of 10 million won is expected to generate more than 72 billion won in profit, which is 7,000 times the capital.
Saemangeum Offshore Wind Power Co, Ltd owns 44% of the shares of ‘The GOD’, which has been transferred to the business rights, 40% by Ocean Energy Technology Institute, 10% by LT Sambo, and 6% by J Eco Energy.
Among them, Korea Institute of Oceanic Energy Technology is a family company owned by Professor S of Chonbuk National University and his family (brother, younger brother, wife, etc.).
In the case of Saemangeum Offshore Wind Power, the Korea Marine Energy Research Institute owns 51%, and Professor S’s brother from Chonbuk National University owns a 49% share.
In fact, Professor S and his family own an 84% stake in The GOD, which has the SPC business right.
▲ The GOD shareholding status provided by the National Assembly
Estimated income over 25 years: 1.2 trillion won
A Chinese state-owned company will also take over the 300 billion won construction project
Specifically, the business license will be held for 25 years, and the estimated revenue estimated by the accounting firm is 1.2 trillion won.
Representative Park said in a state inspection of the Ministry of Industry and Trade Committee of the National Assembly Committee on Small and Medium Enterprises and New Businesses on the same day, “The business right for the Saemangeum offshore wind power project is owned by the Professor S from the National University, who was responsible for technical services.
Representative Park mentioned that Professor S was the person who promoted the project by working at the Jeonbuk Institute of Science and Technology, the Ministry of Information Economy (formerly the Ministry of Trade, Industry and Energy) the offshore wind energy promotion team, etc. . can raise doubts that it is easy to get permits and licenses after winning the business properly,” he noted.
It is known that a Chinese state-owned company will also be responsible for the 300 billion construction contract won for the Saemangeum offshore wind power project.
In 2017, the Saemangeum Development Administration spent a total of 440 billion won (public and private investment) near the Saemangeum breakwater to install 24 3.5MW wind turbines and 4 3.0 to 3.2MW wind turbines, making it the largest offshore wind farm in Korea ( Class 99.2MW) It was announced that it would be established, but the project has not been carried out as usual.
On Sea Day 2017, former President Moon Jae-in said that Saemangeum is a “center of economic cooperation with China.”I will take care of it directly, focusing on the Office of Policy of the Blue House” he promised. The following year, in 2018, he attended the Saemangeum Renewable Energy Vision Declaration Ceremony and emphasized that “Saemangeum wind will become a resource that opens up the future.”
“As the business is promoted rapidly, the use of inside information is limited.
Board to properly transfer the huge tax power generation business”
In this regard, said Rep. Park Soo-young, “He created a company with a capital of 10 million won and promoted sales of 72 billion won.“Professor S, who is responsible for technical services for Saemangeum offshore wind power, easily acquired business rights and signed a contract to sell shares as a public official,” he noted.
Representative Park said, “When the Saemangeum offshore wind power is operated, KEPCO is required to purchase electricity, and the cost alone is 50 billion won annually, which is a total of 1.2 trillion won.”As the business was rushed, inside information was used, and a large amount of tax was transferred to China.” he exclaimed. According to the Electricity Business Act, KEPCO must preferentially purchase electricity produced by renewable energy producers.
It is said that Professor S established a joint-stock company without obtaining the school’s permission to hold a concurrent position in the process of promoting the project.
Park said, “There is a hole in energy security, as there is a risk that power generation business rights operated by national taxes will be transferred to China through expediency.“The Ministry of Trade, Industry and Energy and the Electricity Commission must manage and supervise thoroughly, and ensure that there are no similar cases throughout the country,” he said.
Regarding this, 2nd Vice Minister of Trade, Industry and Energy Park Il-joon said, “Currently, the Electricity Commission is also confirming the capital raising ability and business feasibility of this project.”With the exception of nuclear power plants, there are no restrictions on foreign investment in power generation projects.” he replied.
▲ Soo-young Park, People’s Power Representative.
random news
Reporter Sejong Kang Ju-ri
