[Asia Economy Reporter Yoo Hyun-seok] The Ministry of Oceans and Fisheries has launched an investigation into the illegal operation of the Hebei Social Cooperative, which was established with the regional development fund contributed by Samsung Heavy Industries, the company responsible for the largest oil spill accident in history off the coast of Taean, Chungnam in December 2007.
According to the Samsung Regional Development Fund Taean Distribution Fund Recovery Committee on the 2nd, the Ministry of Oceans and Fisheries recently demanded that the Hebei Cooperative promptly submit 24 documents related to its operations since its establishment in 2015.
The requested documents include annual budget execution records, settlement data, employee salary expenditure status, and audit status from 2016 onward.
The Ministry of Oceans and Fisheries is the supervisory authority of the Hebei Cooperative. At a rally held in front of the Ministry on the 23rd of last month, the Taean Distribution Fund Recovery Committee and local resident representatives claimed, "Some executives and employees are operating the cooperative arbitrarily, ignoring the fund distribution plan and the cooperative’s founding purpose," and urged, "The Ministry of Oceans and Fisheries must immediately conduct a special audit of the Hebei Cooperative, revoke its establishment approval, and return the regional development fund Taean distribution money to the local residents."
The Hebei Cooperative manages 22.4 billion KRW of Samsung Heavy Industries’ regional development fund intended to assist victims of the oil spill accident in four cities and counties: Taean-gun, Seosan-si, Dangjin-si, and Seocheon-gun. Of this, Taean’s share is 74.3%, amounting to 15.03 billion KRW.
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