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Former Korean Casino President, Newspaper Owner Arrested

25 July 2002

SOUTH KOREA – As reported by the Korea Herald: "Prosecutors confirmed that a former president of a local casino spent millions of U.S. dollars gambling overseas with Chang Jae-kook, former chairman of the vernacular daily Hankook Ilbo, officials said yesterday.

"The two men were arrested on charges of taking more than the permissible amount of U.S. dollars out of Korea.

"The man, whose family name is Yim, is suspected of borrowing $2.3 million from the Mirage hotel in Las Vegas on behalf of Chang in early 1996, the Seoul District Public Prosecutors Office said.

"Chang lost the money at the hotel's casino over a three-day stretch. Yim himself borrowed $500,000 to gamble there, officials said.

"…Chang allegedly borrowed more than $4 million between 1995 and 1996 from the hotel to gamble and then smuggled U.S. currency in excess of the amount allowed to repay the debts…"

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