Articles by Ahn Sung-mi
Ahn Sung-mi
sahn@heraldcorp.com-
Lotte vice chairman’s suicide note found
[THE INVESTOR] Police found a four-page letter from Lotte Group Vice Chairman Lee In-won, who took his life early in the morning of Aug. 26, where he expressed concern for family members and Lotte employees, according to local news reports. “Chairman Shin Dong-bin is a great man, and I am sorry to leave early in this difficult situation,” he wrote in the letter directed to Lotte employees. He also claimed that there was no slush fund created at Lotte Group. Related article :Lotte Group vice cha
Aug. 26, 2016
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Lotte vice chairman commits suicide
[THE INVESTOR] Lotte Group Vice Chairman Lee In-won was found dead in an apparent suicide at a walking trail in Yangpyeong-gun, Gyeonggi Province, police said Aug. 26. The 69-year-old was already dead when he was found by a passerby hanging around 7:10 a.m. Officials believe the body is Lee based on his belongings, including an ID card in his pocket, found at the scene, but they are checking his fingerprints to confirm the identity. Lotte Group Vice Chairman Lee In-won(second from left)Police fo
Aug. 26, 2016
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Hyundai, Kia China sales up 32% in July
[THE INVESTOR] South Korea’s largest automaker Hyundai Motor and its smaller affiliate Kia Motors reported a 31.9 percent increase in total sales in China in July, the automakers said Aug. 25. Hyundai sold 70,016 units in July, up 29.3 percent from a year earlier, while Kia sold 41,005 units, up 36.6 percent. In total, the carmakers sold 111,021 units, compared to 84,168 units last July. According to the company, the sales hike came on the back of increased SUV sales, such as of Kia’s Sportage a
Aug. 25, 2016
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GM CEO Mary Barra cancels her Seoul trip
[THE INVESTOR] General Motors CEO Mary Barra, who was slated to visit South Korea next week, has canceled her trip, local news reported Aug. 24. Barra, the first female CEO of the US auto giant, was invited to speak at an event hosted by AmCham Korea at Conrad Hotel in Seoul on Aug. 30. GM Korea, however, announced Barra’s trip has been canceled due to an unavoidable schedule conflict. General Motors CEO Mary Barra“The exact reason is unknown. We plan on rearranging the schedule for her visit,”
Aug. 25, 2016
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Kia Motors unveils rendering of new Rio
[THE INVESTOR] Kia Motors, South Korea’s second-largest automaker, on Aug. 24 released the first rendering of its revamped Rio subcompact vehicle. The fourth-generation Rio comes five years after the current model was released in 2011. Rendering image of Kia’s new RioIn the released interior and exterior photos, the car’s body seems larger and the new design has less curves than the predecessor, striving for a refined effect. The new Rio, sold as Pride in South Korea, will be unveiled for the f
Aug. 24, 2016
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Kia Motors sales surge in Mexico
[THE INVESTOR] Kia Motors' car sales have surged in Mexico in recent months, beating out bigger affiliate Hyundai Motor in terms of total unit sales. According to data released by the Mexican Auto Industry Association on Aug. 24, Kia sold 5,510 cars in July to rank No. 8 among automakers in the market, while Hyundai ranked No. 10, selling 3,054 vehicles during the same period. Kia sold a total of 29,006 cars in the January-July period, which compares to Hyundai’s 19,822 unit sales. Kia Motors’
Aug. 24, 2016
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Lotte E&C suspected of W30b slush fund
[THE INVESTOR] South Korean prosecutors on Aug. 24 said it secured evidence that Lotte Engineering and Construction has accumulated over 30 billion won (US$26.8 million) in slush funds over 10 years. Seoul Central District Prosecutor’s Office -- which launched an all-out probe into the nation’s fifth-largest conglomerate in June -- raided the Lotte E&C office early this month and confiscated computer hard disks and documents related to the allegations. Lotte E&C's latest landmark project Lotte W
Aug. 24, 2016
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FTC to charge Lotte Group founder: report
[THE INVESTOR] South Korea’s antitrust watchdog plans to press charges against Lotte Group founder Shin Kyuk-ho for reporting incomplete or false information over his ownership of the conglomerate’s overseas subsidiaries, local news reported Aug. 24. According to local daily Dong-A Ilbo, the Fair Trade Commission is slated to hold a meeting to determine whether to indict Shin for the misleading reports. Under the country’s fair trade law, large companies with over 5 trillion won (US$4.46 billion
Aug. 24, 2016
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Interbulls acquires majority stake in EV start-up
[THE INVESTOR] Interbulls, South Korean firm that manufactures printed circuit board, has acquired majority stake of a local startup to launch a new electric vehicle business, local news reported on Aug. 23. Interbulls and Korea Construction Robot signed an agreement to establish For En, a new EV research and design company that will be headquartered in Jejudo, beginning in September. “We will establish For En and utilize Korea Construction Robot’s superb researchers and development infrastructu
Aug. 23, 2016
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Hanjin Shipping to submit self-rescue plan on Aug. 25
[THE INVESTOR] Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy, local news reported Aug. 22. “We are planning on presenting the plan by Aug. 25,” a representative from Hanjin Shipping said. According to the shipper, the plan includes details on securing funds from its parent Hanjin Group and cutting charter fees from foreign vessel owners. Once the self-rescue plan is submitted, the creditors -- led by the state-run Korea Development Ba
Aug. 23, 2016
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Ssangyong Motor reenters Philippine market
[THE INVESTOR] Ssangyong Motor is reentering the Philippine market after an eight-year hiatus, the company said Aug. 23. The automaker, owned by India’s auto giant Mahindra & Mahindra, will begin selling its vehicles, including the brand’s popular Tivoli compact SUVs in the country. Philippine journalists visited Ssangyong Motor’s plant in Pyongtaek, South Gyeonggi Province, Aug. 22. Ssangyong MotorEarlier in December, Ssangyong Motor formed a contract with local distributor Ssangyong Berjaya Au
Aug. 23, 2016
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Prosecutors to summon Lotte chairman’s close aides this week
[THE INVESTOR] South Korean prosecutors will summon close aides of Lotte Group Chairman Shin Dong-bin this week in the ongoing investigation over irregularities the conglomerate is accused of committing. Seoul Central District Prosecutor’s Office on Aug. 22 said it will question Lotte Group Vice Chairman Lee In-won, head of external relations, President Hwang Gak-gyu, head of policy coordination, and President So Jin-se, head of external relations, as suspects over the retail giant’s charges t
Aug. 23, 2016
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Kia Motors rolls out new Soul
[THE INVESTOR] Kia Motors, South Korea’s second-largest carmaker, on Aug. 22 unveiled the latest version of its popular compact crossover utility vehicle Soul. The new Soul is equipped with a six-speed automatic transmission to offer improved mileage, the company said. The vehicle comes in two engine types, gasoline and diesel models. The gasoline model, powered with a 1.6-liter gasoline direct injection engine, has a 132 horsepower, maximum torque of 16.4 kilogram-meters and a combined fuel eff
Aug. 22, 2016
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Ssangyong Tivoli Air makes UK debut
[THE INVESTOR] Ssangyong Motor launched its Tivoli XLV, known as Tivoli Air in Korea, in the UK, the company said on Aug. 22. The automaker, owned by India’s auto giant Mahindra & Mahindra, recently held a test drive event in Aylesbury, in the southeast of England, inviting over 60 business and auto reporters, to mark the launch of the SUV in the country. Ssangyong Motor introduced Tivoli XLV in UKThe UK launch comes after the car’s debut in other European markets such as Spain, Italy and Germa
Aug. 22, 2016
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Hankook Tire’s profitability beats rivals
[THE INVESTOR] Hankook Tire recorded the highest operating margin in the tire industry in the first half of the year, beating out its bigger European and Japanese rivals, industry data showed Aug. 22. Hankook Tire, the world’s seventh largest tire-maker in terms of revenue, posted sales of 3.35 trillion won (US$2.98 billion) from January to June. Its operating profit came to 561.3 billion won to deliver an operating margin of 16.7 percent. Japan’s Bridgestone, the world’s largest tire and rubber
Aug. 22, 2016
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