The foundation which exercised tremendous influence on media, academic, political and other circles of south Korea is mulling the sale of 30 percent of the stock of MBC and 100 percent of the stock of Pusan Ilbo which are its properties. In this regard the managing director of the foundation and the director for planning and publicity headquarters of MBC discussed on the sale proposal on Oct. 8. It is aimed to deal with the property of the foundation to help the "presidential candidate" from the "Saenuri" Party”.

This has touched off resentment at the past "yusin" fascist dictatorial regime among various circles of south Korea and gave rise to the voices disclosing the illegality of the sale of the foundation's property.

As well known, the Park Chung-Hee military regime set up the foundation in 1962 by confiscating 100 percent of the stock of Punsan Ilbo owned by the then manager Kim Ji Thae, 100 percent of the stock of the Munhwa Broadcasting Corporation, 65.5 percent of the stock of The Pusan Munhwa Broadcasting Corporation, and more than 100 000 phyong of land, the main land of the Puil Foundation set up by him in 1958.

After seizing power through the May 16 military coup, traitor Park forced Kim Ji Thae to hand over the Puil Foundation to the authorities in the name of "donation of property," asking for a political fund. When Kim refused to do so, Park let the Central Intelligence Agency confiscate a finger ring and a camera her wife bought from overseas on charge of smuggled goods. It pressurized his family members to tell Kim to come back home immediately from overseas business trip. Then it arrested him on nine charges such as violation of "customs law" and amassing of illicit money. The military junta sentenced him to seven years in jail and forced him to sign a note on giving up his property.

He was thus compelled to sign the note in prison.

Park seized the Puil Foundation and renamed it May 16 Foundation. It has been called the Park Chung-Hee and Ryuk Yong Su Foundation since January of 1982 under the rule of Chun Doo Hwan.

Through the foundation Park and his family and relatives vied with each other to line their pockets with money and reinforced the fascist dictatorial power.

Park's family members and relatives, confidants and classmates held the posts of managing director and directors of the foundation.

The presidential candidate from the "Saenuri Party", the descendant of "yusin", held the post of managing director for ten years from 1995 and the incumbent managing director is a confidant of the "yusin" dictator.

The property of the foundation was seized by Park through intrigues and at the point of bayonet. That is why whenever south Korean people hear the words the Park Chung-Hee and Ryuk Yong Su Foundation, they shake with rage at the thought of the "yusin" dictator's evil doings and brand it as a "product of the May 16 military coup."

As regards the Puil Foundation case the puppet Intelligence Service said in 2005 said it confirmed that the property was forcibly donated at the instruction of Park Chung-Hee. The Committee for Settling Past History for Truth and Reconciliation concluded in 2007 that the case was "a plunder of property by use of power".

The family of Kim Ji Thae has strongly demanded the return of the property. But it has been turned down so far.

Broad circles of south Korea are becoming increasingly vocal bringing to light the ulterior motive of the sale of property and censuring it as the foundation is raising the issue of sale all of a sudden and calling for help to the candidate from the "Saenuri Party" with the presidential election at hand.