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South Korea Ministry Suspends Ambassador in Cameroon Diamond Scandal

Jan 18, 2012 8:27 AM   By Deena Taylor
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RAPAPORT... South Korea's foreign ministry temporarily suspended ambassador Kim Eun-Seok this past week over a suspected share-rigging case involving a diamond mine in Cameroon.

Eun–Seok, who is in charge of South Korea's energy and resources development, was questioned  in connection with a statement issued by the foreign ministry in December 2010 proclaiming that Cameroon had authorized Korean company CNK International to develop a large diamond mine in the country, according to AFP.

The board that oversees stock trading is investigating whether the statement, which said that the volume of diamonds in the mine near the southeastern town of Yakadouma was estimated at 420 million carats, intentionally  exaggerated the mine's potential value which caused CNK’s shares to rise significantly.

The board is expected to conclude its investigation by the end of the month.
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