Guam, Rota, and Tinian Businessman Investigated As Alleged North Korean Agent

Federal authorities have unsealed a warrant in the U.S. District Court of Guam accusing Hee Kyun Cho, a prominent businessman with extensive holdings in Guam and allegedly scandalous business dealings in Rota and Tinian, of acting as an agent for North Korea. The affidavit, prepared by an FBI special agent, details allegations of Mr. Cho’s involvement in illicit financial activities, potentially violating the International Emergency Economic Powers Act (IEEPA).

 

Allegations of Forgery and Fraud

This is not the first time Mr. Cho has faced serious allegations. In August, Kandit reported on a civil lawsuit filed in federal court in Guam by South Korean corporation PIGM. The suit alleges that Mr. Cho, acting as a deal broker for the sale of Starts Golf Course in Dededo-Yigo, orchestrated a fraudulent scheme involving two separate agreements—a “true” agreement and a “false” agreement. Cho is accused of forging the signature of a Starts Golf Course official to defraud PIGM out of millions of dollars.

 

Ties to North Korean Diplomats

The recent federal investigation reveals that Mr. Cho, a legal permanent resident of the United States, allegedly communicated frequently with North Korean diplomats, including Ki Ho Ri, a counselor at the North Korean Permanent Mission to the United Nations. Evidence suggests that Cho used his email account, [email protected], to correspond with these officials on multiple occasions.

South Korean authorities, in collaboration with the FBI, have provided intelligence highlighting Mr. Cho’s high-level connections with North Korean officials. The investigation alleges that he traveled to North Korea at least three times to explore business opportunities, including investments in a hotel—a potential violation of South Korean and U.S. laws.

 

 

 

Suspicious Financial Activity

Federal agents have documented Mr. Cho’s involvement in suspicious financial transactions, including wire transfers exceeding $2.5 million between July and August 2018. These transactions involved recipients in high-risk jurisdictions like Hong Kong and China, raising red flags for potential money laundering.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) confirmed that neither Mr. Cho nor his businesses held the requisite licenses to conduct any dealings with North Korea, as required under U.S. sanctions.

 

Legal Implications

The warrant accuses Mr. Cho of facilitating prohibited transactions that may have directly benefited the North Korean regime. These actions, if proven, constitute serious violations of IEEPA, which grants the U.S. President authority to impose economic sanctions in the interest of national security.

Mr. Cho’s email account has been targeted for evidence retrieval, with federal investigators seeking communications that may reveal his activities and intentions. The case highlights the delicate balance between economic opportunity and the enforcement of stringent international sanctions aimed at isolating North Korea.

Authorities have not yet announced any arrests or charges stemming from this investigation, but the unsealing of the warrant signals that the case is moving toward a critical juncture.