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S. Korea, Russia to conduct joint studies on cross-border energy projects
Moon, Putin vow efforts to launch FTA talks, boost cooperation
[Eye Plus] ‘Red Devils’ spill out to the streets for World Cup
[Editorial] Police reform first
[Leonid Bershidsky] Mr. Putin, seize chance to release dissidents
[David Fickling] China digs a trench for US trade siege
Reunion of separated families to be held in August
Cement block falls from apartment building
[Newsmaker] Report on 40 years of Korea's state violence against ‘vagrant’...
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Oct 26, 2016 미분류

[NEW SAMSUNG] Changes loom as Samsung’s crown-prince takes center stage

[THE INVESTOR] Lee Jae-yong, vice chairman of Samsung Electronics, is set to join the boardroom responsible for the management of the South Korean tech giant after a shareholders’ vote Thursday morning. Shareholders attending the meeting scheduled to be held at 10 a.m. in Seoul will be asked to vote on appointing Lee, the only son of Samsung chairman Lee Kun-hee, by a show of hands. The bill is expected to be passed smoothly, as the majority of investors in and out of the country have already ex

Samsung heir’s board membership approved

[THE INVESTOR] Samsung Electronics shareholders on Oct. 27 approved the nomination of Vice Chairman Lee Jae-yong as a board member of the Korean tech giant. In an extraordinary shareholders meeting in Seoul, the vote for the Samsung heir’s board membership was taken by a show of hands.Lee, the only son of the ailing Samsung patriarch, Samsung Electronics Chairman Lee Kun-hee, will be responsible for civil and criminal matters as a board member of the company. He is the first family member to joi

Oct 28, 2016
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Japanese shareholders back Lotte chairman

[THE INVESTOR] Lotte Group Chairman Shin Dong-bin will continue in his current position as Japanese shareholders of the holding firm Oct. 26 voted in his favor. The chairman promised reform measures to restore the South Korean retail giant’s image dented by a corruption investigation. Shin attended a meeting of Lotte Holdings shareholders at its Tokyo headquarters, one day after making a public apology and announcing a series of measures to improve the group’s opaque governance structure at a pr

Oct 27, 2016
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Naver chairman steps down to focus on Europe

[THE INVESTOR] South Korean internet giant Naver said on Oct. 20 that Chairman Lee Hae-jin has decided to step down from his post and help the company’s global expansion into the untapped European market. The company’s CEO Kim Sang-hun, Lee’s close aide, also resigned on the same day. Hahn Seong-sook, executive vice president of Naver’s services division, will replace him as the company’s first female CEO. The drastic change in Naver’s top brass comes after its Japanese affiliate Line made its h

Oct 21, 2016
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[LOTTE CRISIS] Prosecutors indict five Lotte family members

[THE INVESTOR] South Korean prosecutors concluded its four-month probe into irregularities at Lotte Group on Wednesday, indicting group chairman Shin Dong-bin, four other family members and company executives on charges of embezzlement, tax evasion and corporate malpractice.　But the prosecution failed to address other core suspicions surrounding Lotte -- such as the existence of a large-scale slush fund and bribery involved in scoring approval to build the Lotte World Tower in southern Seoul.　Th

Oct 19, 2016
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[LOTTE CRISIS] Lotte founder and chairman to be indicted

[THE INVESTOR] Lotte Group founder and the current chairman are likely to be indicted without detention over a host of allegations including embezzlement.According to reports, group founder Shin Kyuk-ho and Chairman Shin Dong-bin are likely to be indicted without detention on Oct. 18.The prosecutors’ office has been investigating Lotte Group since June 10, and has turned up evidence of embezzlement, tax evasion and other corrupt business practices. Dong-bin, who pushed aside his elder brother Do

Oct 19, 2016
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Superrich take lion’s share of capital gains from stock sales

[THE INVESTOR] The superrich accounted for more than 40 percent of capital gains from stock sales in the past five years, data showed on Oct. 12.According to the data obtained by Rep. Park Kwang-on of the main opposition Minjoo Party of Korea, 610 people gained nearly 19.84 trillion won (US$ 17.68 billion) from stock transactions in since 2011. The figure, based on transactions that incurred capital gains taxes, is 41.2 percent of all taxed stock transactions between 2011 and 2015, which came to

Oct 12, 2016
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On-third chaebol family members offer shares as collateral

[THE INVESTOR] A third of family members of South Korea’s major conglomerate owners have put up shares as collateral for loans from financial institutions, a market tracker said on Oct. 12.In a report on collateral provided by 363 owner family members of the country’s top 30 conglomerates, known here as chaebol, CEO Score said that 30.3 percent, or 110 people, have offered their shares as collateral for loans as of end-September.The value of their shares put up as collateral totals 6.4 trillion

Oct 13, 2016
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Large shareholders reap huge capital gains

[THE INVESTOR] Shareholders of listed South Korean companies have earned solid capital gains over the past five years, a lawmaker said on Oct. 12. In an analysis of data from the National Tax Service, Rep. Park Kwang-on of the main opposition Minjoo Party of Korea said 166,838 people filed their capital gains tax return between 2011 and 2015, with their proceeds from stock sales reaching a combined 48.2 trillion won (US$42.80 billion).Of the total, 610 shareholders reported capital gains of 10 b

Oct 13, 2016
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Lotte chairman sued by brother for accounting fraud

[THE INVESTOR] Lotte Group Chairman Shin Dong-bin has been sued by his elder brother on charges of accounting irregularities of Lotte Shopping, sources familiar with the issue said on Oct. 11. Shin Dong-joo, the former vice president of Tokyo-based Lotte Holdings, filed a complaint with South Korean prosecutors on Sept. 30, claiming Dong-bin and two other officials were involved in cooking the accounting books of Lotte Shopping, SDJ (Shin Dong-joo) Corp. said. His latest legal action against his

Oct 12, 2016
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Most heirs exempt from inheritance tax: lawmaker

[THE INVESTOR] More than 97 percent of asset heirs in Korea were found to have been legally exempt from paying inheritance taxes, a lawmaker said Friday. 　According to Rep. Park Kwang-on of the Minjoo Party of Korea, quoting the National Tax Service’s data, about 1.45 million people inherited a total of 151.6 trillion won ($136 billion) from their relatives between 2011 and 2015. Of them, only 2.2 percent actually paid taxes on their inheritance while others benefited from tax exemption. Under

Oct 8, 2016
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[ELLIOTT ACTIVISM] Lee jae-yong's Samsung C&T stock value surges 50%

[THE INVESTOR] Tech giant Samsung Electronics Vice Chairman Lee Jae-yong seems to be the biggest beneficiary of the rumored merger between the tech giant and construction and trading firm Samsung C&T as his stocks in the latter have increased nearly 50 percent in value over four months. Lee, the largest shareholder of the C&T with 17.23 percent, or 32,674,500 shares, of the construction and trading firm, saw his stock value in the company rise 46.4 percent from 3.66 trillion won(US$3.29 billion)

Oct 7, 2016
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Lotte founder’s 3rd wife, daughter own 7% stake in Lotte Holdings

[THE INVESTOR] Lotte founder Shin Kyuk-ho’s third wife and their daughter hold a combined 6.8 percent stake in Lotte Holdings, prosecution sources familiar with the matter said on Oct. 6. The stake in Lotte Holdings owned by Seo Mi-kyung, 57, and her 33-year-old daughter is the largest share among the founding family members of South Korea’s largest retail conglomerate. The latest revelation related to Shin’s secretive common-law wife came as prosecutors have been looking into Lotte’s alleged w

Oct 7, 2016
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[ELLIOTT ACTIVISM] Elliott gives Samsung good reason to speed up restructuring

[THE INVESTOR] Local analysts on Oct. 6 said Elliott Management’s demand for separation of Samsung Electronics and big shareholder payout will be giving a good reason for Samsung Group to speed up the ongoing business restructuring ahead of a pending leadership transfer to a new generation. “Elliott’s demands include most of the process that Samsung is expected to experience in its ongoing business restructuring,” said Yoon Tae-ho, analyst at Korea Investment and Securities. “The hedge fund gav

Oct 7, 2016
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Mirae Asset chairman increases biotech investment

[THE INVESTOR] Mirae Asset Daewoo will invest 20 billion won (US$18.15 million) in Celltrion GSC, a subsidiary of Celltrion – which supplies it materials and is an unlisted company held 71.01 percent by the Korean drug maker's Chairman Seo Jung-jin.In the move, Mirae Asset Daewoo will purchase 20 billion won worth of convertible bonds Celltrion GSC will issue. Celltrion GSC is planning to raise 100 billion won with the issuance. Of the total, 60 billion won will be taken by IMM Investment, and i

Oct 1, 2016
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The Korea Herald by Herald Corporation

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Publisher. Editor : Kwon Chung-won
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