SEOUL, March 29 (Korea Bizwire) – The Park Geun-hye administration’s rule, which collapsed with its leader’s impeachment, was not the best of times for CJ, a major food and media conglomerate in South Korea. A year and half after President Park took office in 2013, CJ Vice Chairwoman Lee Mi-kyung (who was the de facto [...]
SEOUL, Feb. 1 (Korea Bizwire) – Amid the ongoing political scandal that has been at the center of national attention for the past three months, a report by the Bank of Korea revealed that political uncertainties tend to pose negative effects mainly on consumption, capital investment, and the service industry. The BOK analyzed nine key [...]
SEOUL, Jan. 20 (Korea Bizwire) – To many Koreans’ disappointment, a South Korean court rejected on Thursday the arrest warrant for Samsung Vice Chairman Lee Jae-yong sought by the special prosecution team. But the news has now given courage to other conglomerates to finally express their desire that the prosecutors focus on what they believe [...]
SEOUL, Jan. 2 (Yonhap) – The daughter of President Park Geun-hye’s close friend, who is at the heart of an influence-peddling scandal that has led to the president’s impeachment, has been arrested in Denmark, police said Monday. According to the National Police Agency, law enforcement authorities in the European country notified their South Korean counterparts [...]
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. 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, 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. 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 [...]