SEOUL, Jan. 23 (Korea Bizwire) — Starting January 24, 2025, South Korea will extend the maximum residence period for foreign victims of jeonse frauds in public emergency housing from two years to six years, the Ministry of Land, Infrastructure, and Transport announced on Thursday. Jeonse fraud is a type of real estate fraud that occurs when [...]
SEOUL, Jan. 23 (Korea Bizwire) — The Constitutional Court on Thursday rejected a National Assembly vote to impeach Korea Communications Commission (KCC) Chairperson Lee Jin-sook over what opposition lawmakers said was a controversial decision-making process at the state broadcasting watchdog. The opposition-led National Assembly voted to impeach Lee on Aug. 2, just two days after [...]
SEOUL, Jan. 22 (Korea Bizwire) — Acting President Choi Sang-mok said Wednesday that police officers will be stationed at courts, including the Constitutional Court, on a 24-hour basis to ensure security amid heightened tensions following the impeachment of President Yoon Suk Yeol. The announcement comes after supporters of the impeached president stormed the Seoul Western [...]
SEOUL, Jan. 22 (Korea Bizwire) — Impeached Prime Minister Han Duck-soo underwent questioning by prosecutors earlier this week as part of their probe into the short-lived imposition of martial law last month, judicial sources said Wednesday. Han appeared before the prosecution’s special investigation team Tuesday as a suspect in the case, according to the sources. [...]
SEOUL, Jan. 22 (Korea Bizwire) — Investigators arrived at the Seoul Detention Center on Wednesday to make their third attempt to forcibly bring in President Yoon Suk Yeol for questioning over his failed martial law bid. A vehicle belonging to the Corruption Investigation Office for High-ranking Officials (CIO) was seen entering the detention center in [...]
SEOUL, Jan. 22 (Korea Bizwire) — Members of South Korea’s National Assembly sharply criticized Coupang Inc.’s founder Kim Bom-suk for his absence from a parliamentary hearing on January 21 focused on improving working conditions for the e-commerce giant’s delivery workers, particularly regarding late-night labor practices. The hearing, held by the Environment and Labor Committee, was attended [...]
SEOUL, Jan. 22 (Korea Bizwire) — Coupang, one of South Korea’s largest e-commerce companies, has admitted to maintaining an employment blacklist affecting over 16,000 individuals, following revelations by MBC in February 2024. This marks the first time the company has publicly acknowledged the controversial list, which allegedly barred reemployment of workers and even included journalists critical [...]
SEOUL, Jan. 21 (Korea Bizwire) — All of the 46 supporters of President Yoon Suk Yeol who were apprehended for violently storming the Seoul Western District Court that issued an arrest warrant for the impeached president last Sunday are facing formal arrests, prosecution officials said Tuesday. The Seoul Western District Prosecutors Office sought arrest warrants [...]
SEOUL, Jan. 20 (Korea Bizwire) — South Korea’s credit default swap (CDS) premium, a key indicator of national credit risk, has started to decline after spiking due to political turbulence. The downturn signals a slight recovery in investor confidence following heightened concerns over political uncertainty. On January 17, the five-year CDS premium for South Korea [...]
SEOUL, Jan. 20 (Korea Bizwire) — South Korean President Yoon Suk-yeol has been formally detained following the issuance of a detention warrant on January 19, 2025, making him the first sitting president to be arrested as he faces allegations of insurrection. Yoon is expected to be moved to a solitary cell measuring approximately 3 square [...]