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know Choi was using KCIA money. However, Kim did say that earlier in 1976,
during a trip to Korea, he had discussed the Diplomat National Bank with Yang
Doo Won and the KCIA director, and had later received, letters from them.
606
When reports of the UC investment in the bank first became public, Pak and
other church members met to consider ways to deal with the bad publicity. The
subcommittee received conflicting versions of what was discussed:
(1) Clyde Wallace (also known as Walter Riley) told subcommittee staff
that since Moon, Pak Bo Hi, and Neil Salonen sometimes asked for his
advice, he was invited to a meeting at Pak's office in Washington on June 19,
1976. Also present were Neil Salonen, Michael Runyon, and Cha Han Joo, a
church leader from Baltimore. Pak expressed concern that the church
384
had brought in large amounts of cash from foreign countries, specifically
Japan, Germany, and Korea, for its investment in DNB and had used church
members as fronts.
607
Wallace suggested the Unification Church make up
phony notes to imply that the money was borrowed.
(2) Neil Salonen testified under oath that he was present at a meeting
during which there was a discussion about funds being brought in from
abroad for investments in the Diplomat National Bank. He refused to give
further details, claiming attorney-client privilege because, he said, a lawyer
was also present at the meeting.
608
(3) Pak Bo Hi testified under oath that Wallace had been present at a
meeting in Pak's office at about the time of newspaper stories on the bank
investments. However, he denied there had been any discussion about the
source of funds for the stock purchases.
609
Tongsun Park and the Diplomat National Bank
A total of $250,000 in stock was purchased in the names of three senior
employees of Tongsun Park: $84,000 for Spencer Robbins, Park's executive vice
president; $83,000 for Dick Staples, Park's financial adviser; and $83,000 for
Milton Nottingham, Park's shipping consultant. They used money Park had
"loaned" them.
Tongsun Park told the subcommittee staff that Charles Kim suggested in the
summer of 1975 that he invest in the bank Kim was organizing. Park decided to
do so partly out of a desire to help the young Korean-American businessman, but
also because he intended eventually to acquire a controlling interest in the bank,
since "Whenever I made any investment at all, I always wanted to have a
majority position." (610) Kim advised Park that the maximum stock purchase for
one person was 5 percent, or $100,000. Park, using his own money, decided to
buy his stock through three nominees so as to avoid the limitation. He said, " I
was going to maneuver later and acquire more and more * * * I was going to own
the Diplomat National Bank by myself." (611) He intended to achieve his goal by
1981 or 1982. Tongsun Park said he was unaware of any involvement by the
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