Hyundai Steel has launched an internal investigation into allegations that some of its employees embezzled company funds.An in-house audit team has been investigating for months the employees suspected of being involved in the embezzlement case. The investigation was known through a post on an anony
The police have arrested a Woori Bank employee for embezzling 61.4 billion won.The bank has recently found in an internal audit that the employee, who handles corporate workouts, embezzled company money. It reported the case to the police on the evening of April 27.The embezzled money was part of a
Osstem Implant, South Korea's top dental implant manufacturer, announced on Jan. 3 that it has sued its employee, identified by his surname Lee, for embezzlement. The estimated amount of the embezzlement is 188 billion won, which amounts to 91.81 percent of the company’s equity capital of 284.7
Korea Corporate Governance Service (KCGS) announced on July 13 that it has lowered the ESG management grades of Samsung Electronics, Lotte Chemical, HDC Hyundai Development Company, Korea Zinc, Central Insight, Asiana IDT, Air Busan and Asiana Airlines.The ESG management grade of Samsung Electronics
The Financial Services Commission announced on June 9 that it would look into every financial company to find out non-real-name accounts of cryptocurrency exchanges.At present, most minor cryptocurrency exchanges in South Korea are doing business using cash concentration accounts such as honeycomb a
Kim Jung-soo, president of Samyang Foods, is making all-out efforts to regain public trust the company lost due to a major embezzlement scandal. After announcing a plan to introduce a compliance system in February, the company recently announced that it will set up an ESG committee.In particular, Ki
The governance structure of Taekwang Group is being shaken as the Financial Services Commission (FSC) told former Taekwang Group chairman Lee Ho-jin, who is the largest shareholder in Goryo Savings Bank with a shareholding of 30.5 percent, to sell his shares.The FSC told him in December last year to
Korea Exchange has suspended trading in SKC stock following the prosecution’s indictment of SK Networks chairman Chey Shin-won on charges of embezzlement and a breach of trust.SKC announced on March 8 that the amounts of money involved in Chey’s breach of trust and embezzlement were 123.6 billion wo
The Ministry of Justice has recently notified Samsung Electronics vice chairman Lee Jae-yong of employment restriction. He must apply for employment and be approved by the minister in order to keep running the company in jail.According to the Act on the Aggravated Punishment, etc. of Specific Econom
The Anti-Corruption Investigation Department of the Seoul Central District Prosecutors' Office said on Feb. 15 that it has requested an arrest warrant for SK Networks chairman Chey Shin-won for violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.The SK Networks chair
The Solidarity for Economic Reform said on Feb. 9 that Samsung Electronics vice chairman Lee Jae-yong, who has been sentenced to 30 months in prison, must no longer be a Samsung Electronics executive.“According to the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, any person pun
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed. Raise TP to KRW165,000; Maintain BUY We raise our TP for Samsung C&T 13.8% from KRW145,000 to KRW165,000 (target P/B multiple of 0.96x applied to 12m fwd BVPS) to reflect: (1) upward revisions to our earnings for
Korea Exchange decided on Nov. 4 to delist Kolon TissueGene. Previously, it turned out that its Invossa-K, the world’s first gene therapy product for osteoarthritis patients, contains renal cells instead of chondrocytes and the Ministry of Food and Drug Safety canceled its approval in May last year
Samyang Foods announced on Oct. 26 that it will set up an audit committee composed entirely of outsiders to ensure independence and strengthen the supervision of the company's operations and accounting.The plan is a response to an embezzlement case involving the company’s founder family."It is a
Just a week before the regular general meeting on March 29, Hanjin Group won an important victory in a confrontation with home-grown activist private equity fund Korea Corporate Governance Improvement (KCGI). The court accepted the claims of Hanjin KAL, the holding company of South Korea's large
Cryptocurrency exchange Coinbin has declared bankruptcy, causing financial damage estimated at 29.3 billion won (US$26 million)."We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement," Park Chan-kyu, CEO of Coinbin, told reporters in its Seoul office on F
South Korea’s National Pension Service (NPS) will actively exercise its shareholders’ rights over Korean Air Lines Co. and its holding company Hanjin KAL Corp. It is expected to wield power against conglomerates and state-run companies before the proxy season in March.As the NPS will decide if it wi
The National Pension Service (NPS), the largest institutional investor in South Korea, will actively exercise a stewardship code to engage in management of Hanjin KAL Corp. and Korean Air Lines Co. This will be the first time for the NPS to exercise the stewardship code after it adopted it in July l
The Financial Supervisory Service (FSS) announced on Dec. 27 that the enforcement decree to the Act on External Audit and Accounting will be revised in February next year so that companies conducting a timely correction after violating accounting rules by mistake do not have to face a severe penalty
Dong-A Socio Holdings chairman Kang Jeong-seok, who was put on trial for providing illegal rebates to doctors, was sentenced to prison in the second trial.The Busan High Court sentenced Kang to two and a half years in prison and 13 billion won in fines on charges of embezzling large amounts of compa