Samsung Electronics spent US$3.12 million on lobbying in the United States last year. The company spent the money to respond to the Donald Trump administration’s protectionist trade policies and increase its presence in the local 5G telecom equipment market. 5G is one of the four future growth drive

Hanjin Group chairman Cho Yang-ho is facing a strong challenge from Korea Corporate Governance Improvement Ltd. (KCGI), a local activist fund which is the second largest shareholder of Hanjin KAL Corp., the holding entity of Hanjin Group, and Hanjin Transportation Co.KCGI is drumming up support for

Global communications marketing firm Edelman announced on Jan. 17 that Christine Park, executive director of Edelman Korea, has been selected to serve as a jury member at the upcoming 2019 APAC Effie Awards, which will celebrate some of the best accomplishments in the marketing industry on March 6 i

The state-run Korea Development Bank (KDB) is planning to establish an asset management subsidiary which is in charge of the sale and restructuring of the companies put under its management, according to financial authorities on Jan. 16.Until now, the KDB has engaged in financial restructuring of th

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 Financial Supervisory Service (FSS) has embarked on an investigation into POSCO Engineering & Construction Co. (E&C) for alleged irregularities in overseas operations. This inquiry comes three months after Justice Party spokesperson Choo Hye-sun called for an FSS probe into dubious investments o

The National Pension Service (NPS), which manages about 700 trillion won worth of retirement funds of Korean people, has decided to introduce a worker director system. The NPS’s move is causing concerns as it has stakes in major domestic corporations.The labor and management of the NPS signed an agr

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 Hyosung Group has completed its conversion into a holding company system.According to the Data Analysis, Retrieval and Transfer System from the Financial Supervisory Service (FSS) on Dec. 19, Hyosung Corp., the holding company of the group, issued a total of 353.2 billion won (US$313.15 million)

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