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84
campaigns that contained the following declaration:
"The money for the Unification Pension Fund International comes from the
contributions of our members; not a penny comes from the Korean Government
or certainly not from Korean CIA."
591
381
The subcommittee found Pak's description of the pension fund to be
implausible on its face.
Pak testified that he received the $738,000 from the fund to loan to church
members so they could purchase stock. He received the money, mostly in $100
bills, over a period of approximately 1 month, from late August to late September
or early October 1975. It came directly from Mr. Shimba, Ishii's assistant. Pak
had drawn up "a list of names of those who would qualify for a loan" and
contacted each person:
"If I remember correctly, I made sure to explain the following to each person:
One, I asked if they would like to obtain a loan in order to invest in a bank. I
explained that the loan came from Unification Church Pension Fund
International, which had accumulated for the purposes of helping elder members
settle their families. I also explained that the loan would be noninterest and would
be repayable within 10 years if the money was available, so it would be there for
other members to use.
Two, I explained that they would be buying the stock as outright owner and
they had the right to do with the stock as they pleased. They could either keep it
or sell it whenever they wanted. The purpose of the stock was to help them gain
financial security." (592)
Pak indicated to the SEC that the 10-year repayment period was not to be
taken seriously:
"You know in order to make them relax and enjoy the fund benefit coming, I
explained to them it is almost indefinite thing until you really come up with the
money to pay back. If it takes ten years or more than ten years, that will be
perfectly all right.
So ten years may not be that clearly registered in their understanding. But it
was the understanding between Mr. Ishii and myself."
593
The Securities and Exchange Commission and Federal Reserve Board
attempted to question the UC members in whose name Diplomat National Bank
stock was purchased with funds provided by Pak. Some of these persons could
not be located, while others claimed their fifth amendment privilege and refused
to testify. Those who did respond did not support Pak's testimony before the
subcommittee.
594
Not only was the 10-year period "not clearly registered" in their minds, these
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