Nexon’s entertainment expenses threefold that of rival NCSOFT: Chaebul.com

[THE INVESTOR] Embattled game developer Nexon’s entertainment expense from 2004 to 2015 was more than triple that of its main rival NCSOFT, according to conglomerate tracker Chaebul.com on July 12. Between 2004 and 2015, financial documents from NXC -- the Jejudo Island-based holding company of Nexon Korea -- showed that the firm and its local subsidiaries spent 17.43 billion won (US$15.13 million) on entertainement expenses. The figure compares dramatically with industry competition NCSOFT, whi

July 12, 2016

Korean Air heiress promoted to executive vice president

[THE INVESTOR] Cho Hyun-min, youngest daughter of Hanjin Group chairman Cho Yang-ho was promoted to executive vice president at Jin Air, the group’s flagship Korean Air’s budget airline. Cho will remain as Jin Air’s marketing chief even after the promotion. Cho Hyun-minOn July 8, Jin Air announced a modest reshuffle, elevating the status of its maintenance team to a division with aims to put more focus on aviation safety. In April, the chairman’s only son Cho Won-tae was named as new president o

July 8, 2016

Lotte founder and son banned from leaving Korea

 [THE INVESTOR] Lotte Group founder Shin Kyuk-ho and his son Shin Dong-bin who is the group chairman have been banned from leaving South Korea, according to court sources on July 8.The ban comes less than a month since the prosecution initiated an all-out probe into South Korea’s fifth-largest conglomerate on June 10 on charges of embezzlement and breach of trust.   Shin Kyuk-ho (left) and Shin Dong-bin (right)Industry watchers said the move indicates that the authorities have gathered enough ev

July 8, 2016

Naver chief to meet media ahead of LINE IPO

[THE INVESTOR] Lee Hae-jin, the reclusive leader of Internet giant Naver, will make an appearance at a press meeting on July 15 when the company’s subsidiary and mobile messenger operator LINE goes public in Japan“Naver board chairman Lee will attend a press meeting in Seoul on the same day when LINE is listed on the Tokyo Stock Exchange,” said Kim Hyun-ji, a public relations representative of the firm, adding the exact schedule and place are yet to be finalized. It will be Lee’s first appearanc

July 7, 2016

CJ Group chairman recovering from surgery for lung cancer

[THE INVESTOR] CJ Group chief Sohn Kyung-shik is recovering from surgery to treat lung cancer, according to company sources. Sohn, who was diagnosed with the cancer this May, is said to be in a stable condition.The CJ chairman is uncle to Lee Jay-hyun, the CJ group heir. CJ Group chairman Sohn Kyung-shikSohn has been heading Korea’s largest food and entertainment company since 1995 when CJ split from Samsung. After spending some time outside the company in early 2000s, he made a comeback at CJ w

July 7, 2016

Hanwha chairman bets on solar energy for future growth

[THE INVESTOR] It can’t be denied that the South Korean economy is dominated by conglomerates. And while they may appear to be pretty much the same on the outside, each is busy seeking their own individual strategy for the future.Hanwha Group is no exception to this. On July 5, Hanwha Group chairman Kim Seung-youn visited the company’s solar energy cell plant in Chungcheong Province. During the hourlong tour, Kim proclaimed the group’s vision of fostering solar energy as its next growth engine.H

July 6, 2016

Celltrion chairman pushes to build theme park in Incheon

[THE INVESTOR] South Korean pharmaceutical firm Celltrion ’s chairman Suh Jeong-jin has kicked off plans to build a large-scale theme park in Incheon’s Yeongjong-do, according to an exclusive news report here. The park would be a personal project, with a handful of investors taking part, according to Incheon Free Economic Zone authorities and the Incheon Development & Tourism Corp. “A group of investors including Suh has already invested around 1 billion won (US$86,930) to initiate the plan. The

July 6, 2016

Lotte Group women rise to the surface due to scandal

[THE INVESTOR] Now that an arrest warrant has been issued for Lotte Foundation chief Shin Young-ja -- the first Lotte founding family member to face imprisonment in the firm’s latest embezzlement scandal -- all eyes are on the women of Lotte Group who have so far stayed behind the scenes. In addition to Young-ja, there are her daughters including Jang Sun-yoon, senior vice president of Hotel Lotte, and also Lotte founder Shin Kyuk-ho’s third wife Seo Mi-kyung and her daughter Shin Yu-mi who are

July 5, 2016

Lotte’s Shin Young-ja faces criticism for funneling company funds to her children

[THE INVESTOR] Embattled Lotte Foundation chief Shin Young-ja and her children are expected to face public scrutiny over some 4 billion won (US$3.47 million) worth of corporate funds they are suspected to have embezzled.  Shin is elder sister of Lotte Group chairman Shin Dong-bin.And the bigger issue is that Shin funneled most of the money to her kids to be used as their personal allowances. Lotte Foundation chief Shin Young-ja /The Investor(Park Hyon-koo)Through a small company formed by Young-

July 5, 2016