Marlowe's Shade

Tuesday, February 07, 2006

South Korean Govt Charges Hwang Pocketed Research Funds

From LifeNews

Seoul, South Korea ( -- Officials from the South Korean government who have been looking into the fraudulent embryonic stem cell research work of Hwang Woo-suk's team have found that he embezzled government funds and mismanaged public donations over the last few years.

The South Korean Board of Audit and Inspection (BAI) release its report on Monday after a three week investigation.

"The cloning expert has been given a total of 24.6 billion won ($25.36 million U.S.) in state and private research donations so far," the report said. "It includes 18.6 billion won ($19.1 million U.S.) in government funds and 6 billion won (6.18 million dollars) in civilian funds."

However, just $16.9 million was spent over the past five years in compliance with BAI guidelines.

Investigators said Hwang embezzled as much as $2.57 million of both the taxpayer funds and private donations and can't account for $6.4 million of the money. They indicated he managed most of the money through various personal bank accounts and he could not account for where it all went.

From April 2004 to April 2005, Hwang transferred at least $206,000 in government funds from those accounts to a private account and put over $700,000 in private donations into a private account that he withdrew as cash last year, BAI reported

So Hwang is a fraud AND a thief. Sadly for the South Korean people, he may go down as one of the greatest con men of all time.
papijoe 9:59 AM