ROK Drop

Avatar of GI KoreaBy on August 31st, 2013 at 3:42 am

North Korean Spy Leaks US Military Cost Sharing Info

Via the Marmot’s Hole comes news that this US military cost sharing information was leaked by none other than uncovered North Korean spy Lee Seok-ki:

The amount of money from South Korean defense contributions that US forces in Korea have not used but are keeping in reserve was 738 billion won (US$660.37 million) as of April, the Hankyoreh has confirmed.

If this amount is added to the other 531.7 billion won that South Korea has been obligated to pay but was not used by the US military, a total of 1.27 trillion won (US$1.14 billion) has been contributed to defense cost sharing but not used. On July 23, the Ministry of Defense submitted annual data on the accumulated amount of unused military funds for construction in the possession of US forces to United Progressive Party lawmaker Lee Seok-gi. According to this data, the money that the US military has received in cash from the South Korean government and is holding on to was found to be 738 billion won as of April. This figure includes 11.52 billion won from before 2005. The US army even still has 1.02 billion won that it received from the South Korean government in 2002, more than 10 years ago.

In the past, the South Korean government had indicated that it would not make an issue of this money, which it said would be “put to use before long.” The fact that US forces in Korea were hoarding some of the vast sums of money paid by the South Korean government first came to light in 2008, when negotiations were underway for the eighth cost-sharing agreement. At the time, the Ministry of Defense had said that 1.12 trillion won had been accumulated by the US army. Over the past five years, 381.3 billion won of that has disappeared. However, US forces in Korea are not responding to the South Korean government’s request to clarify how this money was used.  [Hankyoreh]
 

You can read more at the link, but the money is likely being stockpiled in anticipation of whenever the big move to Camp Humphreys takes place.  Moving all the servicemembers from Yongsan and the 2nd Infantry Division to Camp Humphreys is not going to be cheap.  However, if you are a North Korean spy looking to create discord between the Korean public and the US military this is a great issue to demagogue.

Tags: , , ,
- 1,599 views
7
  • Simon The Good
    3:56 am on August 31st, 2013 1

    It’s a normal part of operating any business or organization to put money aside. There are many valid reasons to do so.

  • Glans
    7:28 am on August 31st, 2013 2

    Perhaps USFK will explain the valid reasons for accumulating these funds.

  • tbonetylr
    9:17 am on August 31st, 2013 3

    Thank you S. Korea for keeping an eye on what American gov’t entities do with its money. Is part of the stockpile at S. Korean room salons? Or was any money lost in S. Korea?

    America/American tax payers should reward S. Korea/Koreans for their efforts at American Money Watch. Can American gov’t entities hire S. Korean accounting firms? If not, then they should!

  • Simon The Good
    3:34 pm on August 31st, 2013 4

    2- It’s part of everyday business, especially for those facing potentially large building costs.

  • Vince
    6:22 pm on August 31st, 2013 5

    Most of it is not being used because many US staffs don’t even know it’s available, I’m willing to bet. USFK and its components are full of “temp hires”.

  • Bob
    6:28 am on September 1st, 2013 6

    #2,

    Perhaps you should withdraw all the money in your bank account and donate it to charity. Let me recommend the ‘Bob Needs A New BMW Fund’.

  • This and that regarding USFK cost-sharing agreement
    10:01 pm on January 14th, 2014 7

    […] As GI Korea said way back when: […]

 

RSS feed for comments on this post | TrackBack URI

By submitting a comment here you grant this site a perpetual license to reproduce your words and name/web site in attribution.

Bad Behavior has blocked 29456 access attempts in the last 7 days.