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FTC to Strengthen Financial Punishment against Intra-group Trading

FTC to Strengthen Financial Punishment against Intra-group Trading

SEJONG, May 25 (Korea Bizwire) — The nominee of South Korea’s corporate watchdog said Wednesday that the government will strengthen punishments against “funneling of business” practices within conglomerates as he pushes forward his pledge to establish fair trade. “It is necessary to intensify financial sanctions such as increasing fines against illegal intra-group trading,” Kim Sang-jo, [...]

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

SEOUL, May 19 (Korea Bizwire) — The nominee to head South Korea’s antitrust regulator pledged Thursday to scrutinize four major conglomerates as he seeks to establish fair competition in Asia’s fourth-largest economy. “I will assess issues related to the four major groups in a more thorough manner when the Fair Trade Commission implements laws,” Kim [...]

Chaebol Face 2nd Round of Probes for Bribery Related to Impeached President

Chaebol Face 2nd Round of Probes for Bribery Related to Impeached President

SEOUL, Mar. 15 (Korea Bizwire) — South Korea’s major business groups face another round of investigations for their alleged involvement in the bribery scandal that led to the impeachment of President Park Geun-hye, industry and legal sources said Tuesday.Prosecutors at the Seoul Central District Prosecutors’ Office took over the bribery case late last month when [...]

Samsung’s Newfound Virtue and Changes to Come

Samsung’s Newfound Virtue and Changes to Come

SEOUL, March 2 (Korea Bizwire) – Following allegations against Samsung Group and its role in President Park Geun-hye’s corruption scandal, and the subsequent arrest of its de facto leader Lee Jae-yong, Korea’s largest conglomerate decided to abolish its future strategy office while introducing a stringent screening procedure for any donations exceeding 1 billion won ($885,347) [...]

Quick Rise to the Top for Children of Top Conglomerate Families

Quick Rise to the Top for Children of Top Conglomerate Families

SEOUL, Feb. 9 (Korea Bizwire) – Business evaluation website CEO Score revealed Wednesday how quickly children from Korea’s top conglomerate families move up the ladder, taking an average of 4.9 years until they nab an executive title from when they start working – a significant fast-track forward given the fact that it typically takes roughly [...]

S. Korean Conglomerates Still Lack Transparency in Governance

S. Korean Conglomerates Still Lack Transparency in Governance

SEJONG, Dec. 22 (Korea Bizwire) – South Korea’s big businesses still lack transparency in their governance as owner families still have a strong grip on influence without seats on the board of directors through cross-ownership, the state corporate watchdog said Thursday.  The percentage of owners or their relatives who are listed as board members of [...]

Business World in Suspense from Presidential Scandal

Business World in Suspense from Presidential Scandal

SEOUL, Nov. 29 (Korea Bizwire) – Routine year-end corporate activities have been suspended this year as CEOs await a prosecutorial investigation over a presidential scandal, delaying reshuffles for next year’s business planning and bonus payments, corporate sources said Tuesday.  At Samsung, the reshuffle of executive-level officers, usually carried out on the first Tuesday of December, [...]

Tycoons Grilled in ‘Donation Scandal’ Involving President Park

Tycoons Grilled in ‘Donation Scandal’ Involving President Park

SEOUL, Nov. 14 (Korea Bizwire) – A number of South Korea’s tycoons, including Hyundai Motor Group Chairman Chung Mong-koo and Samsung Electronics Vice Chairman Lee Jae-yong, were summoned by prosecutors over the weekend for questioning over their companies’ cash donations to two dubious foundations controlled by President Park Geun-hye’s scandal-ridden confidante Choi Soon-sil, prosecution sources [...]