The Financial Services Commission and the Financial Supervisory Service of South Korea will strengthen the measures to prevent a large-scale accounting fraud by dealing with a deep-rooted dominant-subordinate relationship between large corporations and accounting firms. In South Korea, the former pa
The Lotte Group announced on January 19 that it decided to review the adoption of a holding company structure in the near future and it is considering various ways to that end. According to industry sources, the ways include the listing of Hotel Lotte, spin-off and the establishment of an intermedia
Early morning on January 19, the Seoul Central District court rejected an arrest warrant sought for Samsung Group's de facto leader Lee Jae-yong on charges of bribery, embezzlement and perjury, dealing a blow to investigators who have been accelerating the probe into the bribery allegations involvin
On January 17, Jung Sung-lip, CEO of Daewoo Shipbuilding & Marine Engineering (DSME) was summoned as a suspect by the prosecution on the charge of fraudulent accounting, casting clouds over the prospects of the company’s normalization.After his inauguration in 2015, Jung has been taking the lead in
Samsung Electronics vice chairman Lee Jae-yong was summoned by special prosecutors on January 12 for allegations that he offered a bribe to Choi Soon-sil and her family.After an investigation, the team of special prosecutors led by Park Young-soo is planning to determine whether or not to apply for
Shin Dong-bin, chairman of the Lotte Group announced the birth of a “new Lotte Group” via a major restructuring plan on October 25. “We will continue to work under our business philosophy of “promoting the national economy via business activities set 50 years ago,” chairman Shin said in an event to
With an arrest warrant for Lotte Group chairman Shin Dong-bin sought by the prosecution, the Lotte Group is unable to hide its embarrassment. “We expect a wise judgment of the court in charge of issuing the detention warrant,” said Lotte in an official statement on September 26. But a sense of c
On August 11, the stock price of CJ rose 1.52% to 200,000 won per share, continuing to rise for the fourth consecutive session. This is mainly because it is said that chairman Lee Jae-hyun has been included in the special pardon list for the National Liberation Day.The chairman was imprisoned in Jun
The former executives of the Orion Group presented a petition to the government to oppose the Korea’s liberation day special pardon of Tam Chul-kon, chairman of the company. In addition, they are planning to proceed a criminal suit about Tam’s corruptions. Responding to it, Orion group also is to fi
Tam Chul-kon, the chairman of Orion Group, the confectionery company famous for Choco Pie, and his wife have reportedly been civilly sued for 20 billion won (US$18 million) by the former CEO of the company. The Seoul Western District Court said on July 27 that Jo Gyeong-min, the former president of
Lee Jae-hyun, chairman of the CJ Group gave up reappealing prior to a special pardon on the nation’s liberation day which falls on August 15. As Lee’s trial period became prolonged and Lee’s health deteriorated, making his return to management virtually impossible, CJ is now standing at a crossroads
The prosecution investing corruptions at the Lotte Group’s corruption is taking aim at the owner family of the group. The Defense Industry Investigation Team of the Seoul Central Prosecutors’ Office said that it requested an arrest warrant for Shin Young-ja, chairwoman of the Lotte Scholarship Found
The prosecution found that Lotte Shopping has embezzled approximately 300 billion won (US$260 million), while incurring an investment loss of three trillion won (US$2.6 billion) or so, by purchasing Chinese companies at inappropriate prices.Lotte Shopping began to invest in China in 2008 by setting
As major commercial banks had more than 100 financial accidents last year, Shinhan Bank had the most number of the accidents.According to the Korea Federation of Banks and banking industry sources on June 8, 103 financial accidents happened in six banks – KB Kookmin Bank, Industrial Bank of Korea (I
It becomes possible to transfer foreign currencies of up to US$20,000 via mobile applications such as Kakao Talk. The Ministry of Strategy and Finance announced on March 15 that the cabinet meeting passed revisions of an enforcement ordinance of the Foreign Currency Trade Act and the Foreign Currenc
The Financial Supervisory Service (FSS) has launched an investigation into an overseas SK affiliate, Bergaya International, and a real estate deal linked to a 41-year-old American citizen with the last name of Kim. Kim is alleged to have violated the foreign exchange law by not reporting the sale of
The National Tax Service (NTS) on Dec. 10 launched a tax audit probe into the state-run Korea Gas Corp., or KOGAS, committing 80 personnel both to the KOGAS’s headquarters in Daegu and the KOGAS Seoul Office. The NTS confiscated documents, computer files, and hard disks. The NTS said that the invest
A large-scale accounting scandal has broke out in Samsung Electronics Dubai. The incident was exposed through an internal inspection, and some Samsung Electronics headquarters employees are currently staying in Dubai to go over its accounting data.The Dubai office, which had annual operating profits
POSCO came to a definite decision to decrease the number of its subsidiaries in half by 2017.During a conference held at the Korea Exchange in Yeouido, Seoul, on July 15, Chairman Kwon Oh-joon unveiled measures to restructure the company, including reorganization of its business portfolio to strengt
Sung Wan-jong, the chairman of Keangnam Enterprises, admitted to giving bribes to Kim Ki-chun and Heo Tae-yeol, former chief secretaries of the Blue House, before ending his own life yesterday.He told the Kyunghyang Shinmun, just before committing suicide, that he had handed over US$10 million to Ki