SEOUL, Nov. 22 (Korea Bizwire) – During Monday’s symposium celebrating Korea’s 20th anniversary of joining the OECD, experts pointed out that Korea has still a long way to go as a developed country, as reflected in the current political crisis. “The Korean government urges corporations to make financial donations every time a new president assumes [...]
DAEJEON, Nov. 21 (Korea Bizwire) – Korean President Park Geun-hye’s ambitious election pledge to reinitiate the project to establish a Universal Studios theme park in Hwaseong, Gyeonggi Province, is again facing dissolution amid the ongoing political scandal engulfing her presidency. According to the Korea Water Resources Corporation (K-Water) and Universal Studios Korea, which are overseeing [...]
SEOUL, Nov. 21 (Korea Bizwire) – The leader of the main opposition Democratic Party on Monday said her party will immediately review the timing and ways for impeaching President Park Geun-hye, who the prosecution has listed as a suspect in a corruption scandal involving her confidante. Rep. Choo Mi-ae also said her party will set [...]
SEOUL, Nov. 21 (Korea Bizwire) – An ambitious culture project by CJ Group has been shaken from its roots from the unfolding political scandal, investment negotiations and decisions being suspended despite the conglomerate’s hard push, company officials and sources said Monday. The entertainment business giant is building K-Culture Valley in Goyang, just north of Seoul, [...]
SEOUL, Nov. 18 (Korea Bizwire) – A senior executive at South Korea’s largest business group Samsung was questioned Friday as prosecutors accelerated their investigation into local conglomerates’ alleged involvement in an influence-peddling scandal rocking the country. Chang Choong-ki, head of Samsung’s strategy planning department, the group’s de facto control tower, appeared before the Seoul Central [...]
SEOUL, Nov. 15 (Korea Bizwire) – Prosecutors raided the offices of Cheil Worldwide Inc., the advertising unit of the country’s largest business group Samsung, on Tuesday over its alleged involvement in a snowballing influence-peddling scandal rocking the country. The prosecution team looking into the Choi Soon-sil scandal said its investigators raided the ad agency located [...]
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 [...]
SEOUL, Nov. 11 (Korea Bizwire) – The chief of POSCO, South Korea’s No. 1 steelmaker, will be grilled by prosecutors Friday over its former affiliate related to an influence-peddling scandal surrounding a close friend of President Park Geun-hye. The prosecution said it summoned Kwon Oh-joon, 66, to appear before the Seoul Central District Prosecutors’ Office [...]
SEOUL, Nov. 10 (Korea Bizwire) – The cold is not going to stop angry Koreans from gathering. Thousands took to the streets across the country on Wednesday night, calling for the resignation of Korea’s troubled President Park Geun-hye over the influence-peddling scandal surrounding her confidante Choi Soon-sil. Mass rallies have sprung up in major Korean [...]
SEOUL, Nov. 10 (Korea Bizwire) – South Korea’s culture and entertainment business has seen its high-speed ups and downs in just a couple of years, with a former music video director who made a meteoric rise now facing criminal charges. Cha Eun-taek, who made a name for himself from making hit TV ads and music [...]