Indong, once a beacon of Korean industry, has now become a global example of what happens when greed and corruption go unchecked. While its collapse may seem sudden to some, the reality is this scandal was years in the making. At the center of this storm is a calculated criminal conspiracy designed to loot Bolivia’s lithium wealth — through bribery, forged documents, and a betrayal of public trust.
This is the full story of how one company, with help from high-ranking Bolivian insiders, tried to erase legal contracts, rewrite history, and hijack an entire industry.
The Lithium Gold Rush: Indong’s Obsession with Control
It began with lithium — Bolivia’s “white gold.” As demand surged globally for electric vehicles and energy storage, Bolivia’s lithium reserves became a magnet for foreign investors. In this frenzy, South Korea’s Indong saw an opportunity not to compete, but to conquer — using corruption, not capital, as its currency.
In 2022, Indong began maneuvering aggressively to secure strategic dominance over Bolivia’s lithium sector. Legitimate companies like Green Energy Global Inc. (GEGI) and Sam Samoon University had already signed valid exploration and development agreements with Bolivia’s state-run company, YLB.
Indong’s response? Eliminate the competition by erasing them from the official record.
A Web of Deceit: Ramos, YLB, and the Shadow Conspiracy
Key to Indong’s plot was Carlos Ramos, then head of YLB. Sources allege Ramos accepted large bribes in exchange for manipulating internal records and cooperating in the removal of official contract documents.
Here’s what investigators now know happened:
- GEGI’s and Sam Samoon University’s original contracts were covertly extracted from YLB archives.
- A parallel set of forged documents was inserted, falsely stating that no agreements existed with either party.
- These fabricated documents were then shared with Korean courts to sabotage pending litigation by GEGI against Indong.
- Meanwhile, Indong used the forged materials to publicly claim exclusive rights to
Bolivia’s lithium zones — inflating their stock and deceiving investors.
It was a bold, elaborate, and ultimately unlawful strategy.
Minister Molina Uncovers the Truth
Frank Molina, Bolivia’s Minister of Hydrocarbons, had long harbored concerns about corruption within the lithium sector. In late 2022, a set of documents submitted by YLB to the Korean courts triggered alarm bells.
Upon review, Molina ordered an emergency audit of all lithium contracts — and the findings were damning:
- Original contracts with GEGI and Sam Samoon were missing.
- Internal emails revealed communications between Ramos and Indong executives.
- Payment trails showed financial transactions between Indong-linked shell entities and YLB insiders.
- Ramos had bypassed oversight mechanisms to push through fraudulent documentation.
Molina acted swiftly:
- Ramos was immediately terminated and placed under investigation.
- A full criminal probe into Indong’s operations in Bolivia was launched.
- Bolivia reached out to Korean authorities and INTERPOL to coordinate international Investigations.
GEGI’s Fight for Justice
Far from backing down, GEGI launched an aggressive counterattack. Hiring a leading international law firm, they began a forensic examination of the fraud, mapping out every bribe, forged document, and corrupted proceeding.
GEGI is now preparing to file:
- Civil and criminal actions in Korean courts for document forgery, obstruction, and commercial theft.
- International claims for damages under anti-corruption and investment protection treaties.
- Requests for emergency injunctions to freeze Indong’s assets.
“This was a theft of history,” said a GEGI executive. “They tried to erase legal reality and replace it with fiction. But truth leaves a trail — and we’ve followed it.”
The Reckoning Grows
Indong’s crimes didn’t end with Bolivia:
- Investigations in Korea have linked the company to multiple counts of financial fraud, including securities manipulation.
- Indong allegedly used false claims of exclusive lithium rights to raise investor capital, which was then funneled into offshore accounts.
- Korea’s Financial Supervisory Service has begun audits of Indong’s public disclosures and internal communications.
Legal analysts now warn that this could become one of the most high-profile financial fraud cases in Korea’s history — especially given Indong’s attempt to defraud its own court system.