Articles by Kim Yon-se
Kim Yon-se
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[Ferry Disaster] FSS seeks to freeze Sewol cash flows
South Korean investigators are paying attention to the coming decision of the French court as to whether the country’s judicial authority will approve repatriation of the eldest daughter of Yoo Byung-eun, the de facto owner of the sunken ferry Sewol.While Korean law enforcement authorities are pinning their hopes on the possibility that the overseas court will soon lock up Yoo Seom-na, who was arrested near the Champs-Elysees in Paris on Tuesday, a key issue in the coming days will be whether th
Social Affairs May 28, 2014
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Floating voters key to Incheon election
This is the fifth installment in a series of articles on the upcoming local elections, exploring key issues and candidates in major cities. ― Ed.Incheon was not expected to be one of the several regions that would see neck-and-neck races in the June 4 local elections, as the incumbent Mayor Song Young-gil was leading Yoo Jeong-bok, the candidate from the ruling Saenuri Party, by more than 10 percentage points in early May.Recent polls, however, showed that the voter approval rating gap between t
Politics May 27, 2014
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Yoo ignored ferry’s problems: prosecution
Investigators said Monday that Yoo Byung-eun, the de facto owner of the sunken ferry Sewol, was found to have glossed over critical problems with the stability of the refurbished vessel.According to the prosecution, Kim Han-shik, the chief of Chonghaejin Marine Co. ― the operator of the Sewol ― notified Yoo of the risks of overloading it with freight early this year. Kim reportedly pointed out the ferry’s weakened ability to recover left-and-right balance when tilted due to an extension in the n
Social Affairs May 26, 2014
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[Ferry Disaster] Reward for Yoo raised 10-fold
Four followers of ex-Semo Group chief Yoo Byung-eun were detained over the weekend on suspicion of helping the de facto owner of the sunken ferry Sewol to flee.The Incheon District Prosecutors’ Office said Sunday that it was questioning four members of the Salvation Sect, which is allegedly led by Yoo. Prosecutors think they are part of a group of key devotees of the sect who reportedly orchestrated Yoo’s getaway.The prosecution verified their identities by reviewing CCTV footage seized during a
Social Affairs May 25, 2014
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[Ferry Disaster] Arrest warrant issued for Sewol ferry owner
The prosecution has rolled up its sleeves in its efforts to seize the de facto owner of the ill-fated ferry Sewol after it failed to capture him despite a raid by investigators on his religious compound a day before.Investigators are expected to conduct a full-fledged search for Yoo Byung-eun as the Incheon District Court on Thursday approved the arrest warrant for the ex-Semo Group chief, who is suspected of engaging in a variety of business malpractices.In its unveiling of the background for i
Social Affairs May 22, 2014
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[Ferry Disaster] Ferry owner’s hideout raided
A group of investigators dispatched by the prosecution forced their way into Geumsuwon, a religious compound in Anseong, Gyeonggi Province, in a bid to arrest the de facto owner of the sunken ferry Sewol at around 12:10 p.m. on Wednesday.The compound is owned by the Salvation Sect, which is allegedly led by former Semo Group chief Yoo Byung-eon, who is suspected of engaging a variety of misconducts since late 1990s when his group allegedly intentionally declared insolvency for a dubious purpose.
Social Affairs May 21, 2014
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Investigators enter Sewol owner’s compound
A group of investigators dispatched by the prosecution forced their way into Geumsuwon, a compound in Anseong, Gyeonggi Province, in a bid to arrest the de facto owner of the sunken ferry Sewol around at 12:10 p.m., Wednesday.(The Herald Business)The compound is owned by the Salvation Sect, which is allegedly led by former Semo Group chief Yoo Byung-eon. Yoo is suspected of hiding out in the compound, which is being protected by sect members.In a break from the strong resistance they had been pu
Social Affairs May 21, 2014
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[Ferry Disaster] Sewol owner may have fled church compound
Prosecutors on Tuesday raised the possibility that Yoo Byung-eon, the de facto owner of the sunken ferry Sewol, is hiding out at a residence of a member of the Evangelical Baptist Church, dubbed the Salvation Sect, which is allegedly led by the former chief of the now-defunct Semo Group. The prosecution said that Yoo appears to have already escaped from Geumsuwon, the sect‘s headquarters in Anseong, Gyeonggi Province, in a low-key manner. It alleged that he is residing at a follower’s house in S
Social Affairs May 20, 2014
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Ferry owner suspected of lobbying politicians
Yoo Byung-eon, the owner of the sunken Sewol ferry’s operator, is suspected of lobbying politicians or government officials by providing them with premium golf clubs as a kickback, prosecutors said Monday.According to the Incheon District Prosecutors’ Office, Yoo, former chairman of the now-defunct Semo Group, allegedly used one of his in-laws as a lobbying activity channel.The allegation included that the person in question, a company chief, reportedly purchased some 100 golf clubs, together wo
Social Affairs May 19, 2014
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17 financial firms get poor consumer protection grades
Regulators have decided to publicly shame financial firms with the lowest score in the consumer protection segment.Seventeen firms given the lowest grade of “class 5” by the Financial Supervisory Service have been ordered to publicize the shameful record at entrances of their branches and online homepages in “red letters” for three months.The 17 firms which drew frequent petitions last year included three first-tier banks and two credit card issuers: KB Kookmin Bank, NH NongHyup Bank, Standard C
May 15, 2014
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Finance Ministry pressured to reduce growth target
Economic policymakers could eventually choose to lower their projection on the yearly growth of gross domestic product in the wake of several negative factors that are simultaneously undermining indices and sentiment, industry watchers said Wednesday.Some state-controlled think tanks have already revised down ― or seek to reduce ― their GDP outlook in reflection of the sagging private consumption after the April 16 ferry disaster and the recent difficulties for exporters due to the Korean curren
May 14, 2014
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Watchdog to force insurers to pay suicide benefits
The South Korean financial watchdog will reprimand a local insurance firm for not giving insurance money in cases of suicide, officials said Wednesday, prompting concerns that the move will promote suicide across the nation.The Financial Supervisory Service discovered in an inspection last year that ING Life Insurance had sold a special disaster insurance policy that covers disaster-caused deaths as well as suicide between 2003 and 2010 when it changed the term to omit the suicide condition.Howe
May 14, 2014
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Samsung Engineering wins quality awards in Middle East
Samsung Engineering Co., one of South Korea’s leading builders, said Wednesday it won the Middle East Economic Digest’s Quality Awards for Projects for the third year in a row.The company said it secured the recognition for its FERTIL-2 Ammonia and Urea Plant in the United Arab Emirates. Samsung was given the engineering, procurement, construction and commissioning contract by Abu Dhabi National Oil Co. in 2009.The plant is in the Ruwais Industrial Zone about 250 kilometers west of Abu Dhabi Cit
Industry May 14, 2014
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Life insurance firms push for payroll cut
Fears of massive layoffs are looming high over the nation’s life insurance industry in the wake of worsening profitability due mainly to the protracted era of low interest rates and lackluster performance in attracting new policyholders.While the nation’s top three insurance firms are initiating the full-fledged manpower restructuring, small and mid-sized players are expected to follow suit, industry watchers said Tuesday. The big three insurers are Samsung Life, Hanwha Life and Kyobo Life.Kyobo
May 13, 2014
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Cheap dollar may fall below 1,000 won
Some global investment banks have forecast that the Korean currency will increase in value to triple digits against the U.S. dollar, as the won sits in its strongest position in five years.U.S.-based Wells Fargo said in its report that the dollar, currently traded at between 1,020 won and 1,030 won, is projected to reach 990 won in the second half of the year. Bank of Tokyo-Mitsubishi UFJ predicted that the won could appreciate to 975 won by the end of 2014.Many other IBs also share the view tha
May 12, 2014
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