NACF chief indicted on charges of election law violation

[THE INVESTOR] The prosecution on July 11 indicted National Agricultural Cooperative Federation chairman Kim Byeong-won on charges of breaking election laws regarding public entities. The NACF is Korea’s largest agroindustry body that counts NongHyup Financial Group among its affiliates. Kim is the fifth NACF chief to be elected into office, and the fifth elected-chairman to come under investigation. The NACF chairman attends at prosecutor's office / The InvestorKim is suspected for breaking ele

July 11, 2016

Issuance of DLS hits record high in H1

[THE INVESTOR] South Korea’s issuance of derivatives-linked securities has soared to a record level during the first half of the year as the upward trend in oil and gold prices continues, data showed on July 8. A total of 14 trillion won (US$12 billion) worth of derivatives-tied securities has been sold during the January to June period, up 3.3 percent year-on-year, according to data compiled by the Korea Securities Depository.It is the highest half-year figure so far. “Strengthening internation

July 8, 2016

KDB to invest in mainland Chinese stocks

[THE INVESTOR] The Korea Development Bank, a state-owned policy bank, said on July 7 that it has started investing in China’s onshore stock markets as a renminbi qualified foreign institutional investor. The KDB plans to put some 1 billion yuan of funds into securities and bonds listed on Shanghai and Shenzhen Stock Exchange as well as China’s interbank bond market. The Korea Development Bank“As a policy bank representing Korea, we will play a major role in the financial cooperation between the

July 7, 2016

AIIB to start looking for replacement for South Korean exec this month

[THE INVESTOR] The Asian Infrastructure Investment Bank is expected to start searching for a replacement for Hong Kyttack, one of its chief risk officers, as soon as the bank president Jin Liqun returns from an overseas business trip this month. Hong had been serving as chief risk officer for just a few months before he came under fire in Korea for exposing the inadequacy of state-run Korea Development Bank, at which he had previously served as president. AIIB was not available for comment. Hong

July 7, 2016

Samsung Venture Investment one of world’s top 5 strategic investors

[THE INVESTOR] Samsung Venture Investment is one of this year’s top five strategic investors funding start-ups in terms of investment volume, the company said on July 7.“We are in the top bracket, and have been there for several years now,” said Kim Young-min, a spokesperson for the firm. He added that the specific amount or recipients of the funding could not be revealed, other than those that have already been released to the media. Samsung Venture Investment‘s main function is to invest in st

July 7, 2016

Gov’t to offer tax credit to firms investing in ventures

[THE INVESTOR] South Korean companies investing in venture companies will be given tax credits, as part of the government’s measures for boosting investment revealed on July 7. According to the plans, local companies that directly invest in ventures, or place money in investment funds specializing in venture companies will be given tax credits on 5 percent of the funds involved. The measure, which will apply to local companies and financial institutions, will be established during the final quar

July 7, 2016

NPS selects 7 firms for venture fund

[THE INVESTOR] South Korea’s National Pension Service has named seven private equity firms to run 200 billion won (US$172 million) of its funds, the pension giant said on July 7. The NPS, which oversees $430 billion in assets, hired Aju IB Investment and KTB Network as general manager of the venture fund. Five others including Medici Investment, Seoul Investment Partners, Wonik Investment Partners, Innopolis Partners and G.N.Tech Venture Capital were named as preliminary mangers. National Pensio

July 7, 2016

Woori Bank, oldest top 500 firm in South Korea

With a history of 105 years, Woori Bank is the oldest among South Korea’s largest 500 companies by sales, according to CEO Score, a website devoted to monitoring local conglomerates.Among the 500, almost half were found to be more than 40 years old, while another 12 percent are over 60 years old. Combined, those aged 20 years or older accounted for 82 percent of the firms.Woori BankIn contrast, just 18 percent were “younger” companies aged 20 years or less. On average, the top 500 companies were

July 6, 2016

Gov’t seeks bigger role in Korean firms’ overseas infrastructure projects

[THE INVESTOR] The government will raise an additional 100 billion won (US$ 85.7 million) to help Korean construction firms take on infrastructure projects abroad. Only July 6, the Ministry of Land, Infrastructure and Transport and the Korea Development Bank signed an agreement for establishing the third Global Infrastructure Fund. The fund is used to invest in overseas infrastructure projects conducted by local construction companies. The Korea Development Bank/ The InvestorThe ministry said th

July 6, 2016