SK Group vice chairman released on parole

[THE INVESTOR] SK Group vice chairman Chey Jae-won was released from prison on parole on July 29. Chey was imprisoned along with his brother SK Group chairman Chey Tae-won in February 2014 for embezzling 45 billion won (US$40 million) from the company. "The economy is struggling, and (I) will add (my) small effort to revive the economy and creating jobs," Chey said. SK Group Chey Jae-won bows as he is released on parole on July 29.  Chey was imprisoned along with his brother SK Group chairman Ch

July 29, 2016

Nexon Japan’s major shareholders are at tax havens: Chaebul.com

[THE INVESTOR] Many of Nexon Japan’s major shareholders were found to be offshore firms located in tax havens, according to data from conglomerate tracker Chaebul.com on July 27. In addition, a local brokerage -- Samsung Securities -- was discovered holding the third-largest stake in the gaming company through an overseas bank account. Nexon Japan is the headquarters of the South Korean gaming company Nexon Group founded by Kim Jung-ju who is currently being questioned for charges of bribery. Ki

July 27, 2016

Hyundai BNG Steel CEO facing indictment for chauffeur abuse

[THE INVESTOR] Hyundai BNG Steel CEO Chung Il-sun’s assault case has been transferred to the prosecution, with recommendations to indict him for violating the Labor Standards Act, the Ministry of Employment and Labor said July 27.Chung, who is a grandson of Hyundai Group founder Chung Ju-young, is alleged to have assaulted his chauffeur, and hired a total of 61 chauffers over the course of three years.   Hyundai BNG Steel CEO Chung Il-sunHe is also accused of forcing his drivers to work more tha

July 27, 2016