SEOUL, Aug. 6 (Korea Bizwire) — SK Group Chairman Chey Tae-won is expected to contest a court’s recognition of former President Roh Tae-woo’s slush fund as seed money for the conglomerate in his divorce suit against Roh’s daughter, sources said Tuesday. In May, the Seoul High Court ordered Chey to pay 1.38 trillion won (US$1 [...]
SEOUL, March 20 (Korea Bizwire) – POSCO Engineering & Construction Co. (POSCO E&C) appears to have embezzled part of the slush fund it created in the overseas branch in Vietnam, prosecutors said Friday. An internal audit within the company had found that several POSCO E&C officials, including some executives, operated a slush fund worth about 10 [...]
SEOUL, Sep. 22 (Korea Bizwire) – More than a dozen business owners and family members of South Korea’s top conglomerates are under investigation for their possible violation of foreign exchange transaction rules, according to the local financial industry sources knowledgeable on the issue. South Korea’s Financial Supervisory Service (FSS) has launched a formal investigation into [...]
SEOUL, Korea, July 30 (Korea Bizwire) – One of the main jobs of the official task force in charge of collecting the overdue payment from former Korean President Chun Doo-whan is verifying the authenticity and appraising the value of confiscated art pieces. This is not new as various high-end commodities such as art, supercars, and [...]