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Cablegate: Blue Lantern: Verifying Bona Fides of Registered Broker

VZCZCXYZ0017
RR RUEHWEB

DE RUEHUL #1759 3080804
ZNR UUUUU ZZH
R 040804Z NOV 09
FM AMEMBASSY SEOUL
TO RUEHC/SECSTATE WASHDC 6130
INFO RUCPDOC/USDOC WASHDC 9354
RUEKJCS/SECDEF WASHINGTON DC
RUEKDIA/DIA WASHINGTON DC
RHMFIUU/FBI WASHINGTON DC
RUETIAA/DIRNSA FT GEORGE G MEADE MD
RUEAIIA/CIA WASHINGTON DC

UNCLAS SEOUL 001759

SIPDIS

STATE FOR PM/DTCC-BLUE LANTERN COORDINATOR

E.O. 12958: N/A
TAGS: AU ETTC KOMC KS
SUBJECT: BLUE LANTERN: VERIFYING BONA FIDES OF REGISTERED BROKER
KUNSOO KIM - CASE No. K-2507

REF: A) STATE 99543

1. Per reftel, Post verified the bona fides of registered broker
Kim Kun-soo, President of Songwon Trading.

2. Songwon Trading is located at Songwon Building, 254-16,
Nonhyun-dong, Gangnam-Gu, Seoul, Republic of Korea. Kang
Kyung-joon, assistant manager of Songwon Trading, told Post on
October 14_ that Songwon was founded in 1968. In December 2007,
Songwon received the Industrial Raw Materials and Subsidiary
Materials Importer Award from the Korea Importers Association
(KOIMA). KOIMA separately confirmed to Post that the company has
been a member of KOIMA since 1968.

3. The company reported it does not have a secured storage facility
for USML items because it only serves as a broker on behalf of U.S.
exporters of USML items, such as shock absorbers and wire rope
isolators. Songwon delivers all imported USML items directly to
Korean clients who maintain secured storage facilities.

4. Chairman Kim Chang-song, founder of Songwon Trading, studied in
the United States and served as the first Chairman of the Korea
Importers Association. Kim Kun-soo, President of the company is an
MBA graduate of George Washington University. The company has
twenty-three persons including Kim Kun-soo, President and the son of
Chairman Kim Chang-song.

5. In addition to general trading, Songwon Trading serves as an
agent for companies importing machinery, automation equipment and
chemicals. Songwon Trading's main clients include Samsung Thales
located in Yongin city (Republic of Korea (ROK)), STX Engine located
in Yongin city (ROK), LIX Nex1 located in Yongin city (ROK) and
Youngpoong Electronics situated in Changwon city (ROK), which are
all defense article suppliers.

6. Between 2001 and March 2009, Kang said Songwon Trading was
engaged in a joint-venture with a U.S.-based company, ENIDINE, to
import components for shock absorbers for industrial use. The joint
venture, JPI, had exported small quantities of shock absorbers to
Japan and the United.

7. Kang also informed Post that Songwon Trading has been a
registered broker with the PM/DTCC since 2008. The company is now
in the process of renewing its registration as requested by the
PM/DTCC. The company said it has completed its submission of the
required documents for PM/DTCC registration renewal by its October
30, 2009 deadline.

8. Kang said the company is fully aware of the importance of the
restrictions of USML items and the prohibitions of retransfers or
re-exports of such items and technology. ICE attach has also
verified that the company has neither criminal nor derogatory
information. This investigation was conducted via telephone and
email.

STEPHENS

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