Fifa presidential candidate Chung Mong-Joon has announced plans to sue Sepp Blatter over allegations of embezzlement. The honorary vice-president of world football's governing body is seeking costs of over $100 million (£65.4m, €88.8m) from Blatter after he failed to reveal his salary and for his part in the legal case with MasterCard.

Chung aims to run to succeed Blatter when elections are held to decide the new leader of Fifa, but he claims that a smear campaign is being led by the ethics committee in order to stifle his candidacy, and it could see him banned for 15 years for his involvement in the voting process for the 2018 and 2022 World Cups. The billionaire businessman has launched an angry repost, however, which includes a plan to take action against Blatter.

While Chung wants Blatter to be transparent over his salary and expenses, he has also accused the Swiss administrator over his role in the MasterCard legal case. Fifa were forced to settle out of court with the card issuer as it negotiated a new deal with Visa over sponsorship of the World Cup.

"Back in 2002 at a Fifa ExCo meeting, I asked Blatter to report his salary and expenses but he refused," he said in a speech at the Leaders in Sport Business Summit at Stamford Bridge. "Naturally for Mr Blatter to get paid without ExCo approval is embezzlement. That is why I plan to sue Mr Blatter on his embezzlement in court.

"In the Visa-Mastercard case, the judge said Fifa is not fit to use the fair play slogan. The judge used the word 'lied' 13 times in her verdict. Those lies cost Fifa $100m. The Visa-Mastercard case should have been dealt with as a criminal case, not a civil case. That was corruption. Why should Fifa pay the fine for Blatter and Mr Valcke's corruption? They should pay the fine from their own pockets.

"At the next ExCo Meeting, I raised the issue. Mr Blatter tried to freeze me out. I was the only ExCo member to do so. This is another case on which I will sue Blatter. The legal authorities should also investigate the relationship between Visa and Mr Blatter."

Later questioned over the intricacies of the potential case, Chung said he would sue Blatter for at least $100m, and pile the money back into Fifa. "I am being assisted by a very good lawyer and I understand that if I want to sue Mr Blatter, I can take it to a court with a jury," he added.

"I have to consult with my Swiss lawyer who I respect very much. My understanding is the amount of money I can claim against President Blatter is in proportion to the amount of damage he inflicted. The damage and compensation should be in proportion.

"For example, Fifa was humiliated by the judge. She said that Fifa should not be allowed to use fair play. A hundred million dollar fine, that happened in 2006, so it must be bigger than that, that is what I understand. The money if I succeed should go back to Fifa. They may think about how to appreciate my efforts."

The Leaders in Sport Business Summit was held at Stamford Bridge to gather the industry's most influential people to share insights and spark discussions that will help shape the future of sport.

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