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Lotte Chairman Sells 214 Bln Won Worth of Shares in Retail Unit

Lotte Chairman Sells 214 Bln Won Worth of Shares in Retail Unit

SEOUL, Nov. 21 (Korea Bizwire) – Lotte Shopping Co., the retail affiliate of South Korea’s fifth-largest conglomerate Lotte, said Tuesday that the group chairman sold part of his holdings in the company for 214.6 billion won (US$196 million). Chairman Shin Dong-bin unloaded over 1 million shares of Lotte Shopping after the local stock market closed, [...]

Prosecution Says ex-President Park Privately Used NIS Funds

Prosecution Says ex-President Park Privately Used NIS Funds

SEOUL, Nov. 15 (Korea Bizwire) – Prosecutors said Wednesday that former President Park Geun-hye is suspected of privately using illicit funds which the National Intelligence Service (NIS) regularly provided to the presidential office during her term. An official from the Seoul Central District Prosecutors’ Office made the remarks while defending against the accusations that their [...]

Cheong Wa Dae to Request Probe into Alleged Falsification of Sewol Reports

Cheong Wa Dae to Request Probe into Alleged Falsification of Sewol Reports

SEOUL, Oct. 13 (Korea Biziwire) – The presidential office will request Friday that the prosecution investigate the alleged manipulation of official documents by former leader Park Geun-hye’s aides to lessen her responsibility for the government’s mishandling of the deadly sinking of a passenger ship three years ago, a Cheong Wa Dae official said. The official, [...]

Samsung Electronics’ Reputation Plunges on Heir’s Arrest

Samsung Electronics’ Reputation Plunges on Heir’s Arrest

SEOUL, Sept. 19 (Korea Bizwire) — Samsung Electronics Co.’s reputation plunged in 2017 compared with the year before, industry data showed Tuesday, apparently due to the arrest of its de facto head coupled with the Galaxy Note 7 debacle. According to the U.S.-based Reputation Institute, Samsung’s ranking in terms of corporate social responsibility plunged 69 [...]

Foreigners May Intervene in Samsung Management After Court Ruling

Foreigners May Intervene in Samsung Management After Court Ruling

SEOUL, Aug. 28 (Korea Bizwire) – Foreign stakeholders may expand their intervention in management decisions at Samsung Electronics Co. aftera Seoul court found its vice chairman de facto leader guilty of bribery, market watchers warned Sunday. Foreign investors who collectively hold more than 50 percent stake in the world’s largest smartphone manufacturer may demand the company’s board of directors be replaced as Vice Chairman Lee Jae-yong on Friday was sentenced to [...]

Moon Wins Acclaim for Breaking Authoritarian Mold

Moon Wins Acclaim for Breaking Authoritarian Mold

SEOUL, Jun. 9 (Korea Bizwire) — Nearly a month has passed since the inauguration of President Moon Jae-in on May 10. Among the many adjectives used by the media to define Moon’s personality, “unauthoritarian” stands out. Moon’s departure from the stereotypical authoritarian attitudes of a president became a hot topic in the news starting his [...]