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mid-1977, KCFF was in no better position to pay than it had been in 1975 or
1976. Chase finally called the loan and collected Moon's collateral.
Despite KCFF's inability to repay the loans from the Bank of America and
Chase Manhattan, Pak proceeded to commit the foundation to additional loans,
the purpose of which was again to raise funds to send to Korea in connection
with the performing arts center. The next loan was for $250,000 from the
Diplomat National Bank in Washington, D.C. Pak had applied for it on December
16, 1975, the day after the bank opened. Pak then turned to the Union First Bank
in Washington for $400,000. UCI pledged that amount as collateral, as indicated
in a document of April 28, 1976.
566
The next loan was from the National Savings & Trust Company, also in
Washington, for $390,000. It was taken out in October 1976, at a time when the
activities of Pak, the UC, and the KCFF were topics of public controversy. Pak
used the proceeds to pay off the $250,000 loan to the Diplomat National Bank
and to retire part of the $400,000 loan from Union First. The remainder was
deposited in the KCFF's Little Angels account.
Collateral for the October 1976 National Savings & Trust loan was a
Certificate of Deposit at the Diplomat National Bank; it came from funds wired to
the United States by the Tokyo branch of the International Cultural Foundation.
Pak testified that he arranged for this pledge of collateral through Mitsuharu Ishii.
As noted earlier, Ishii was the ICF officer who had also been the head of Tong Il
Industries in Japan (Toitsu Sangyo); head of Sekai Nippo, the Moon Organization
newspaper in Japan, and, more recently, head of One Way Productions, a film
company with offices in Tokyo and Los Angeles. According to Pak, he was also
the source of most of the funds used to purchase stock in the Diplomat National
Bank in the name of UC members.
567
Pak testified that in January 1977 he received authorization from the ICF to
treat the $400,000 as a "contribution" to the KCFF so that it would not have to be
repaid.
These loan maneuvers raised the question of whether the funds pledged as
collateral on Moon's authority were his own or belonged to the UC or another
Moon Organization component. Pak testified that the account Moon used as
collateral was actually a "Church" account, despite appearances to the contrary:
"Many people have misunderstanding about Reverend Moon and his wealth.
Many think he has unlimited private resources, but that is absolutely untrue. He
supported his family by receiving a regular modest salary. Reverend Moon does
not even
376
own the home he lives in. It is owned by the church. He does not have a savings
account."
568
Pak admitted that Moon had accounts in Chase Manhattan in his own name,
but said these accounts were
"sort of like informal public accounts of our
Church":
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