A legal battle has started between Samsung BioLogics Co. and the Securities and Futures Commission (SFC) over the allegations that the biotech company intentionally committed accounting fraud.The Seoul Administrative Court held a hearing on Dec. 19 on the administrative lawsuit filed by Samsung BioL

The Korean Fair Trade Commission (KFTC) imposed a fine of 7.6 billion won (US$6.8 million) on Korean Reinsurance Co., saying that the company has blocked potential competitors from entering the local aviation reinsurance market for close to 20 years by abusing its market dominance.Aviation insurance

The Fair Trade Commission (FTC) has recently submitted a proposal to the commission’s plenary session to file complaints with the prosecution against Kim Hong-gook, chairman of the Harim Group, and Lee Hae-wook, vice chairman of the Daelim Group, on charges of enriching themselves through unjustifie

South Korea’s financial authorities have launched an audit of Celltrion Healthcare Co. and is expanding the audit review to the company’s affiliates such as Celltrion Inc. and Celltrion Pharm Inc. Accordingly, there is a growing concern that the audit can lead to a prolonged war that goes through th

When Kolon Group chairman Lee Woong-yeol announced on Nov. 28 that he would step down from all his posts within the group on Jan. 1 next year, he put his son and heir apparent Lee Kyu-ho to a severe test.The junior Lee, 35, was appointed as chief operating officer of Kolon Industries FnC at the grou

Large South Korean corporations’ overseas direct investment (ODI) increased for the second consecutive quarter with their domestic investment showing a significant decrease due to slow deregulation in the nation.According to the Ministry of Strategy & Finance, ODI showed the highest growth in six qu

The SK Group is expected to accelerate the establishment of an intermediate holding company which will be responsible for its information and communication technology (ICT) business.The SK Group is considering dividing SK Telecom into an intermediate holding company (tentatively named SK Tomorrow),

Samsung Electronics has implemented a regular reshuffle of executives for 2019. The Korean tech giant chose stability over change in preparation for uncertainties both inside and outside the company.The announced on Dec. 6 the promotion of Kim Ki-nam, president and head of the Device Solution (DS) B

South Korean conglomerates have acquired or canceled treasury shares one after another to improve shareholder value. According to investment banking (IB) industry sources on Dec. 6, the affiliates of the nation’s top five business groups have acquired or canceled 24 trillion won (US$21.4 billion) wo

Prosecutors have launched an investigation into Lee Woong-yeol, 63, chairman of the Kolon Group who is suspected of evading inheritance taxes.The Seoul Central District Prosecutors' Office has begun investigating Lee as the National Tax Service (NTS) has pressed a tax evasion charge against him.

As the pending amendment to the Insurance Business Act, which targets Samsung Group, is unlikely to be passed by the end of this year, the group now has time to catch its breath. In addition, government pressure for corporate governance reform would be eased when the court grants an injunction filed

The Korea Chamber of Commerce and Industry (KCCI) submitted a report to the National Assembly on Dec. 3 to express its opposition to the pending amendment to the Commercial Act.In the report, South Korean entrepreneurs said that the proposed amendment would severely infringe upon their management ri

Kolon Group chairman Lee Woong-yeol unexpectedly declared on Nov. 28 that he would step down from all his posts within the group next year.Lee, 63, has run the textile group for 23 years since he took over its helm from the late Lee Dong-chan, his father and the son of Lee Won-man, the group’s found

The profitability of leading Korean companies was at the lowest level among major countries. This is because they lacked the ability to develop innovative products with high added value and had low productivity.On July 31, the LG Economic Research Institute released a report titled "Analysis of Busi

LG Chem was selected as a top 10 global chemical company for the first time as a domestic company.LG Chem ranked 10th in the 2017 Global Top 50 announced by C& EN, a chemical magazine published by the American Chemical Society (ACS), which was two notches up from the previous year.The Global Top 50

The National Pension Service has disclosed a plan to introduce a stewardship code, a guideline on how to exercise its voting rights on companies where it has invested.According to the plan, the NPS will not exercise its shareholder rights on issues such as that can be categorized as management inter

As the Fair Trade Commission (FTC) is moving to increase the equity stakes that a holding company is required to own in its affiliates and grandson companies, conglomerate are looking for ways to adapt to the expected change in regulations.According to investment banking (IB) industry sources on Jul

Dongsuh Foods Corps stated on July 13 that Colombian Ambassador Juan Pablo Rodriguez visited its headquarters in Mapo-gu, Seoul.Ambassador Rodriguez visited Dongsuh Foods Corps together with Augusto Castellanos, the representative of Tourism, Foreign Investment and Export Promotion (PROCOLOMBIA) in

The Hyundai Motor Group denied rumors that it might acquire FCA, complaining that some in the financial industry are spreading groundless rumors.The rumors have been spread by multiple news outlets since late last month. For example, U.S.-based M&A information provider Capitol Intelligence Group sai

The National Pension Service (NPS) has decided to introduce a stewardship code and start exercising its shareholder rights against companies that undermine the interests of minority shareholders by funneling corporate funds to their owner families.The NPS will start implementing a stewardship code i