SEOUL, Dec. 20 (Korea Bizwire) – The special prosecution team looking into President Park Geun-hye’s corruption scandal has put a prohibition of departure on three Korean conglomerate heads, hampering business operations planned for the year-end and the next few months to come. According to sources, Samsung vice chairman Lee Jae-yong, SK chairman Chey Tae-won and [...]
SEOUL, Dec. 13 (Korea Bizwire) – Did a crowdsourcing-manhunt force Woo Byung-woo out of hiding? Woo, an ex-presidential secretary, finally appeared after spending weeks in hiding, and announced Tuesday he would stand before the National Assembly for questioning into his suspected role in Korea’s ongoing corruption scandal. Woo refused to show up to the December [...]
SEOUL, Dec. 13 (Korea Bizwire) – Samsung Group appears to be in a quandary over when to conduct a leadership shakeup amid a nation-rocking political scandal, which has also forced the country’s top conglomerate to delay a couple of year-end events, sources said Tuesday. Samsung has indefinitely postponed its annual management reshuffle, which used to [...]
SEOUL, Dec. 9 (Korea Bizwire) – South Korea’s parliament on Friday passed a motion to impeach President Park Geun-hye over her alleged link to a corruption scandal involving her confidante that has paralyzed the government for the past several weeks. The motion was passed with an approval of 234 lawmakers from the 300-seat National Assembly, [...]
SEOUL, Dec. 7 (Korea Bizwire) – Twitter often offers the best reflection of current issues, whether they be social, political, tech trends or celebrity gossip. So what were some of the keywords on Twitter that were most popular among Koreans in 2016? According to Twitter Korea on Tuesday, tweets related to the Choi Soon-sil scandal [...]
SEOUL, Dec. 7 (Korea Bizwire) – With a parliamentary vote to impeach President Park Geun-hye two days away, the glare of investor attention is focused on its outcome with a rejection more likely to increase stock market volatility than a passage, analysts said Wednesday. Opposition parties and some ruling party lawmakers are slated to put [...]
SEOUL, Dec. 6 (Korea Bizwire) – A group of 5,000 South Koreans on Tuesday filed a suit demanding President Park Geun-hye compensate them for the mental suffering she caused over the ongoing influence-peddling scandal. The plaintiffs together filed the suit with the Seoul Central District Court, seeking 500,000 won (US$427) each in compensation. Attorney Kwak [...]
SEOUL, Dec. 6 (Korea Bizwire) – Lee Jae-yong, vice chairman of Samsung Electronics and the heir-apparent of Samsung Group, appeared Tuesday at a parliamentary hearing into the involvement of Korean conglomerates in the corruption and influence-peddling scandal surrounding President Park Geun-hye and her confidante Choi Soon-sil. Lee was one of eight Korean business tycoons (chiefs [...]
SEOUL, Dec. 5 (Korea Bizwire) – The ongoing political crisis surrounding the embattled South Korean president is incapacitating government offices and businesses that are facing allegations of involvement in the scandal, with officials now struggling to establish economic policies and business strategies for 2017, which is only a month away. The Ministry of Strategy and [...]
SEOUL, Dec. 1 (Korea Bizwire) – An increasing number of private businesses including restaurants, stores, and hotels have begun hanging up banners calling for embattled South Korean President Park Geun-Hye to step down, with some even offering goods or services for free or at big discounts. The owner of a tuna restaurant in Gwangju put [...]