EMPLOYMENT AGREEMENT


         NewState Capital Co., Ltd.  (hereinafter  referred to as the "Employer"
does hire and employ the undersigned  employee  (hereinafter  referred to as the
"Employee") as a Vce Pesident (sic) in charge of Business Development Department
and Employee  does accept and agree to such hiring and  employment in accordance
with the following terms and conditions:

         1.       (Position-class)
                  The Employee shall be classified as CEG 7.

         2.       (Base salary)
                  The base  salary  for  Employee  as CEG 7 shall be  56,000,000
Won per year  (4,666,666  Won per month).

         3.       (Allowance)
                  Employee  will be paid as allowance  0.05% of the total amount
of  loans  made  by the  branch  offices  under  the  control  of  the  Business
Development Department.

         4.       (Other allowances)
                  Other  allowances  may be paid in  accordance  with the  basic
company policy.

         5.       (Compensation for losses)
                  Employee  may expend  expenses  for  maintenance  of  offices,
severance pay and welfare for administrative and business personnel belonging to
Business  Development  Department,  entertainment  and other  business  expenses
within  the limit of 1% of the total  amount of loans made by the  company.  Any
losses  incurred by the company shall be  compensated  out of the allowance on a
quarterly basis.  The ratio of compensation  shall be determined by the board of
directors from time to time.

         6.       (Distribution of surplus)
                  Any  surplus  after  compensation  of  losses  as set forth in
Article 5 above may be distributed  to the employees,  subject to the resolution
of the board of directors and applicable laws and regulations.

         7.       (Responsibilities)
                  Employee  shall be responsible  for overall  management of the
Business Development  Department in compliance with the company's basic business
policy.

         8.       (Duration)
                  This  Agreement may be  terminated by the company's  personnel
order.

         9.       (Severance Pay)
                  Severance  pay shall be  determined  pursuant to the personnel
welafre  regulatin  (sic) on the  basis of the base  salary as  provided  for in
Article 1 above exclusive of allowance,  director  allowance,  other  allowance,
merit bonus or special bonus.\

         10.      (Payment of allowance)
                  Allowance  shall be paid every  month  along with the  monthly
base salary.

         11.      (Manner of performance)
                  Employee  shall perform his duties  faithfully,  industriously
and to the best of his ability in order to achieve the business goal.

         12.      (Validity of agreement)
                  All  previous   agreements   betweeen  the  parties  shall  be
superseded by this  Agreement and shall be null and void.  All other matters not
specified  in  this  Agreement  shall  be  subject  to  the  company  rules  and
regulations. In the absence of such rules and regulations, such matters shall be
resolved by the resolution of the board of directors.

         13.      (Effective date)
                  This Agreement shall take effect as of January 3, 2000


Dated:  January 3, 2000


EMPLOYER                                 EMPLOYEE

NewState Capital Co., Ltd.               Vice President
Representative Director,                 Business Development Department
President

---------------------------------        -------------------------------
Byung Ki Kim                             Kwang Yong Koh