State-run banks deny pressure to invest in controversial film ‘Assassin(s)’
IBK and KDB say their investments followed independent review procedures amid opposition scrutiny of more than 30 billion won tied to the film and its producer.
A still from the film "Assassin(s)"
HIVE MEDIA CORP.
Two state-run banks that invested in the film "Assassin(s)" denied allegations on Saturday that outside requests or interference influenced their investment decisions.
The Industrial Bank of Korea (IBK) said it decided to invest after its own review. The Korea Development Bank (KDB) said it only invested indirectly through a fund and was not involved in the investment decision, which was made independently by the fund's manager.
"The investment went through a review by the department in charge, following the same procedure as always," IBK said in a statement. "The decision was made in line with internal standards after a comprehensive review of the production company's capabilities, the competitiveness of the director and cast, and the business potential."
"Allegations that the investment was decided through outside requests or irregular channels are not true," the bank said.
KDB said it "was not involved in selecting the film 'Assassin(s)' as an investment target or in the investment decision." The investment was made independently by the asset management company that runs the fund, not by KDB, the bank said.
"Investment decisions on individual deals made by a fund are the asset manager's own responsibility and must be made independently, and KDB cannot be involved in that process," KDB said. "Claims that the investment was decided due to outside requests or interference are also not true."
The film's story questions whether the 1974 shooting of first lady Yuk Young-soo really transpired according to the commonly accepted account, and it has drawn accusations of distorting history. According to the official account, Yuk, the wife of then-President Park Chung Hee, was shot and killed during a Liberation Day ceremony in Seoul on Aug. 15, 1974, when a pro-Pyongyang ethnic Korean from Japan, Moon Se-kwang, attempted to assassinate Park.
On Wednesday, Rep. Joo Jin-woo of the conservative People Power Party disclosed data showing that state-run banks had put more than 30 billion won ($22.3 million) into the film and its production company.
According to the data, IBK invested 2 billion won directly in the film, and KDB invested 400 million won through a fund. The film's production company, Hive Media Corporation, received 14.25 billion won from a fund in which IBK participates, and 14 billion won from a fund in which KDB participates.
Joo questioned the timing of the investments and the appointment of the banks' chiefs.
He noted that KDB Chairman Park Sang-jin is a law school classmate of President Lee Jae Myung, and that IBK made the 2 billion won investment six days after CEO Jang Min-young took office. Joo said the issue would be a key focus of this year's parliamentary audit.
BY KIM JI-HYE [[email protected]]
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
