KT&G has rejected the request of an activist-oriented private equity fund to file a lawsuit seeking damages against its former and current directors.On Feb. 7, KT&G announced that it had decided not to file a lawsuit regarding the request from Flashlight Capital Partners (FCP), a private equity fund
Four labor unions representing Samsung affiliates, including Samsung Electronics, Samsung Display, Samsung Fire & Marine Insurance, and Samsung Biologics, will merge to form a consolidated labor union. The launch of this mega labor union is scheduled for the end of this month. The establishment of t
The Ministry of Trade, Industry and Energy (MOTIE) announced that the amendment to the “Act on Trade Adjustment Assistance” passed through the National Assembly plenary session on Jan. 25.As part of the measures to strengthen the manufacturing sector in response to the implementation of Free Trade A
Starting next year, KOSPI-listed companies with assets exceeding 10 trillion won (US$7.67 billion) will be obligated to submit disclosures in English. This mandatory requirement is expected to enhance information accessibility for foreign investors.The Financial Services Commission announced on Dec.
With Cho Hyun-sik, the advisor of Hankook & Company and the eldest son of the tire maker’s honorary chairman, preparing to take over the leadership in collaboration with MBK Partners, Cho Yang-rae, the honorary chairman of Hankook & Company, is once again offering support to Chairman Cho Hyun-bum, t
The small and medium-sized enterprise (SME) sector is urging the swift passage of the “Business Succession Support Act” currently under consideration in the National Assembly, advocating for businesses to opt for continuity rather than closure. This comes as numerous companies consider closure inste
Jusung Engineering, a semiconductor, display, and solar equipment company, has carved a mythical path in the barren land of domestic ventures. This year marks its 30th anniversary. Established in 1993, the company has experienced various challenges but has achieved remarkable growth through continuo
Prosecutors have demanded a five-year prison sentence and a 500 million won (US$386,581) fine for Lee Jae-yong, chairman of Samsung Electronics, indicted on charges of unfairly intervening in the merger of Samsung C&T and Cheil Industries to facilitate a succession of managerial power.At the final h
SK pharmteco, the Contract Development and Manufacturing Organization (CDMO) subsidiary of SK, announced on Sept. 20 that it has acquired The Center for Breakthrough Medicines (CBM), a U.S.-based Cellular and Gene Therapy (CGT) CDMO.Last January, SK pharmteco invested US$350 million in CBM to streng
SK IE Technology (hereinafter referred to as “SKIET”) has established a global-level advanced information security system. The company plans to use this as a leverage to enhance information security reliability for its client companies and to acquire new clients as well.SKIET announced that it has o
SK Inc. and SK Energy will acquire the management right to Atom Power, an American energy solution company, for US$150 million.Top executives of SK Inc., SK Energy, and Atom Power signed an agreement on the deal at SK Serin Building in Jongno-gu, Seoul on Aug. 17.Established in 2014, Atom Power has
Hanwha Group is promoting the integration of its defense industry affiliates in a move to expand arms exports and accelerate the growth of its energy and space businesses.The group will hold a board meeting in August to discuss ways to promote the integration of Hanwha Aerospace, Hanwha Defense and
More than 10 large global investors, including the world’s top three private equity funds (PEFs) and major global sovereign wealth funds, have jumped into the pre-IPO of SK On, an electric vehicle battery subsidiary of SK Innovation.The participating investors included the world’s largest PEF Blacks
The author is a freelance journalist and Google News PR specialist. She can be reached at virginia.sagal.media@gmail.com. -- Ed. According to research, the American business sector may be assumed to be backed by a significant powerful Asian economic force, with Asian-owned businesses making up appro
Samsung Electronics vice chairman Lee Jae-yong will be put on probation by the Ministry of Justice after his release on parole on Aug. 13.The Suwon Probation Committee, which oversees the Seoul Detention Center where Lee is imprisoned, has decided to apply probation to prospective parolees including
Coway Co. announced on Aug. 10 the establishment of its Environmental, Social, and Governance (ESG) Committee under the board of directors.This new committee will be solely dedicated to ensuring the company’s practices are in alignment with its sustainability vision of enhancing long-term corporate
As parole was decided for Samsung Electronics vice vhairman Lee Jae-yong, who was imprisoned in connection with the Choi Soon-sil scandal, attention is focusing on his moves.The Justice Ministry decided to grant parole to Lee on Aug. 9. Lee will be released on Aug. 13, about seven months after he wa
Dong-A ST announced on March 12 that it has signed a contract with E& Investment, a Korean venture capital which owns a 33 percent stake in U.S. pharmaceutical company NeuroBo Pharmaceuticals, to be delegated its voting right to the U.S. company.Under the deal, Dong-A ST will secure managerial contr
The uncle-nephew dispute over managerial control at Kumho Petrochemical is expected to be resolved at the company’s shareholders' meeting in March.According to the Financial Supervisory Service's electronic public disclosure system, Park Chul-wan, a managing director of Kumho Petrochemical f
LS Group is accelerating its management succession process to make LS Mtron chairman Koo Ja-eun the new group chairman.Koo has long been regarded as a strong candidate for the group’s top post. He has already been representing LS Group at domestic and foreign events. He pays more attention to managi