The Federation of Korean Trade Unions(FKTU) filed a complaint with the independent counsel(special prosecutor) against the Youth Hope Foundation Korea, as its establishment and fund-raising methods are similar to the controversial scandal-ridden organizations of the Mir Foundation and the K-Sports Foundation in which President Park Geun-hye is allegedly involved and controlled by President Park Geun-hye's old friend and confidante Choi Soon-sil who held no government position. The FKTU reported those involved to the special prosecutor for charges of power abuse and bribery. The FKTU released the name list in the complaint which includes President Park Geun-hye, Choi Soon-sil, Cha Eun-taek and heads of 13 conglomerates.
The Youth Hope Foundation Korea has raised the fund amounting to 145.8 billion won(US$ 121.5 million) from September last year until November this year through two sources; trust for public benefit and donations. The accumulated amount of trust for public benefit reaches 43.2 billion won(US$ 36 million) and the total amount of donations is 102.6 billion won(US$ 85.6 million) as of December 19 this year.(source: Youth Hope Foundation Korea)
The budget execution rate of the program activities to assist youth for this year ended up with only 34.5%. Despite such shoddy management on the implementation of programs, the foundation raised the total budget amounting about 21.3 billion won(US$ 17.7 million) for next year, up by 7%. When it is considered that the most recent donation to the foundation was made in July this year and donations actually stopped since then, Rep. Lee Yong-deok of the Democratic Party of Korea said that the foundation being a non-profit organization will go bankrupt in three to four years as it may not have any source of operation fund.
reported by Yon Yoon-jeong
translated by Kim Sung-jin