HONG KONG, CHINA, Apr. 10 (Korea Bizwire) – Corruption is a major threat faced by China and anyone who wants to do business in the country. In recent years, the Chinese government’s crackdowns in corruption has led to some success. In the Berlin-based non-profit Transparency International’s Corruption Perceptions Index 2017, China ranked 77th with a score [...]
SEOUL, Aug. 22 (Korea Bizwire) – The former head of Lone Star Korea Steven Lee has been arrested in Italy after twelve years on the run. The 48-year old American citizen was apprehended by police earlier this month, according to the Ministry of Justice. His wanted status stems from questions over his role at the [...]
SEOUL, Aug. 9 (Korea Bizwire) — One would think that the looming possibility of a double digit prison sentence would have the plaintiff arguing for one’s innocence. Instead, in what may well be the darkest hour of his life, Lee Jae Yong is pouring his heart out trying to convince people that he’s not a bad [...]
SEOUL, March 22 (Korea Bizwire) – Brazilian chicken has been taken off the shelves of three major supermarket chains in South Korea after controversy broke out surrounding rotten chicken meat imported from Brazil’s BRF, the world’s largest poultry exporter. Brazilian chicken accounts for 83 per cent of all imported poultry products in South Korea, with [...]
SEOUL, Feb. 28 (Korea Bizwire) – South Korea’s President Park Geun-hye was named a bribery suspect on Tuesday as special prosecutors wrapped up their three-month probe into a massive influence-peddling scandal. The probe team, led by Independent Counsel Park Young-soo, suspects that the president colluded with her longtime friend Choi Soon-sil and took bribes from [...]
SEOUL, Feb. 21 (Korea Bizwire) – Hermes handbags, despite their international reputation as an elegant luxury brand, are adding bitterness to their cachet in South Korea as they have been used as a “popular” item for bribes in high-profile political scandals. Industry sources have widely suspected that either a Birkin bag or Kelly bag, two [...]
SEOUL, Feb. 17 (Korea Bizwire) – Lee Jae-yong, Samsung Group’s de facto leader, was formally arrested Friday on charges of bribery in connection with a high-profile corruption scandal surrounding President Park Geun-hye and her friend. With the Seoul Central District Court issuing the arrest warrant, Lee, vice chairman of Samsung Electronics Co., became the first [...]
SEOUL, Feb. 13 (Korea Bizwire) – The de facto leader of Samsung, South Korea’s largest business group, was quizzed for a second time Monday on charges of bribery, as special prosecutors here accelerated their probe into an influence-peddling scandal centered on President Park Geun-hye. Lee Jae-yong, vice chairman of Samsung Electronics Co., appeared before the [...]
SEOUL, Oct. 4 (Korea Bizwire) – It has been a week since a controversial anti-graft law took effect in Korea, quickly reshaping Korea’s gifting and dining culture. But the law is also breeding paparazzi, individuals who secretly monitor and hunt for activities that violate the law’s provisions. These paparazzi are called “Ran-Parazzi”, after the legislation [...]
SEOUL, Sept. 29 (Korea Bizwire) – The very first report of a violation of Korea’s new anti-graft law came around noon on Wednesday, with an anonymous person reporting a “college student giving a professor a can of coffee”. The controversial law had gone into effect starting Wednesday amid confusion and doubts over the law’s ambiguous [...]