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
Hanjin Kal Corp., the holding company of Hanjin Group, has become a target of a hostile takeover bid.Grace Holdings announced on Nov. 15 that it holds a 9 percent stake in the company. Grace Holdings is an investment purpose company whose largest shareholder is KCGI 1 Private Equity Investment Joint
The Ministry of Land, Infrastructure and Transport is planning to revise the law on aviation so that airline executives are disqualified in the event of a monetary penalty or a more severe punishment. If the law is amended as planned, Hanjin Group chairman Cho Yang-ho may be deprived of his manageme
KB Securities Co. has recently discovered during an inspection of its internal control system that a company employee embezzled money deposited into customers’ dormant accounts.The employee was found to have embezzled as much as 300 million won from 25 dormant accounts since April this year. KB volu
The truth committee under the Ministry of Justice has recommended the prosecution to investigate 10 former and incumbent executives of Shinhan Financial Group, including former chairman Ra Eung-chan, who are suspected of having given false testimony in trials on a corruption case that took place in
The police raided CJ Powercast's headquarters on July 2 as part of their investigation into the allegations that the company’s president Lee Jae-hwan, who is a younger brother of Lee Jae-hyun, chairman of the CJ Group, bought a 2.5-billion-won worth yacht and several vehicles with the funds of t
As the prosecution denied an arrest warrant for KT chairman Hwang Chang-gyu, KT could ease risks stemming from the absence of the CEO. The prosecution orchestrated an additional investigation, but it is unlikely that the police will apply for an arrest warrant again.The Special Investigation Departm
The investigation over Hanjin Group onwer family members, which was sparked by the “water rage” of Cho Hyun-min, a former senior vice-president of Korean Air Lines, is getting more and more intense. The prosecution raided the headquarters of Korean Air Lines on May 31 over the allegations of inherit
POSCO Chairman Kwon Oh-jun voluntarily resigned on April 18, saying that his resignation is necessary to usher in new leadership of the company. Some point out that the real reason for his resignation is pressure from the government in that the prosecution’s investigation into POSCO subsidiaries is
The Financial Supervisory Commission (FSC) of Korea announced on March 15 that the financial watchdog will include not only Lee Kun-hee, chairman of Samsung Electronics but his son, Lee Jae-yong, vice chairman of the company as major shareholders.First of all, the FSC will significantly expand the s
The arrest of Shin Dong-bin, chairman of Lotte Group, is unleashing a strong firestorm. Lotte Holdings Japan whose largest shareholder is Kwang Yoon Sa (Koiyunsya) at the top of the corporate governance structure of Lotte Korea and Lotte Japan is expressing concern about the arrest of chairman Shin
Starting from January 30, cryptocurrency investors in South Korea will have to use real-name bank accounts in order to continue trading. They will not be allowed to trade digital currencies unless the names on their bank accounts matches the account name in cryptocurrency exchanges, even if they hav
Samsung Electronics ushered in the New Year with the absence of Vice Chairman Lee Jae-yong. As Vice Chairman Kwon Oh-hyun, who had led Samsung, and President Yoon Boo-keun and Shin Jong-kyun stepped down from management, the younger management, such as President Kim Ki-nam, Kim Hyun-suk and Koh Dong
Foreign major shareholders of South Korean financial businesses are turning their backs to the domestic market due to the political authorities are shaking the management rights of chief executive officers (CEOs) stemmed from corruption. As foreign shareholders are accepting the current situation as
Hanjin Group chairman Cha Yang-ho, suspected of having spent his money on his home’s interior decorations, visited the police headquarters on September 19.“I will cooperate with investigators,” chairman Cho said when he was asked “"Did you know that some corporate funds were misused as construction
As South Korean court sentenced Samsung Electronics Vice Chairman Lee Jae-yong to five years in prison for bribery and embezzlement, Samsung Securities, a financial subsidiary of the group, has hit a snag in its ambition to transform itself into a mega investment bank (IB). The company will not be a
The chairman of Dong-A Socio Holdings, the holding company of Dong-A Pharmaceutical, has been detained on charges of tax evasion and offering illegal kickbacks to local doctors as bribes for prescribing the firm’s drugs.During the suspect interrogation before detention, the Busan District Court issu
During an interview with CNN on April 4, Lotte Group Chairman Shin Dong-bin said, “"I think there's a lot of misunderstandings about our position, and we have nothing to do with the U.S. Terminal High Altitude Area Defense (THAAD) missile deployment in South Korea. I would like to explain that."Shin
The Samsung Group, which took its first step as Samsung Store in 1938 and has become Korea's representative globalized company, is facing a situation where Lee Jae-yong, a vice chairman and de-facto head of the Samsung Group got arrested and put behind bars for the first time in its history. This me
The Korea Finance Consumer Association (KOFICA) announced on Feb. 1 that it filed a complaint with the Seoul Central District Prosecution Office against Wi Sung-ho, president of Shinhan Card Co., on charges of perjury and subornation of perjury.The KOFICA said, “During the Shinhan debacle in 2010, W