Fraud sentence stands against ex-Doosan boss

Joongang Daily February 23, 2007 The Supreme Court has upheld a lower court ruling that sentenced Park Yong-oh, a former Doosan Group chairman, to a three-year suspended jail term for embezzlement.Mr. Park, 69, was convicted by the Seoul Central District Court a year ago of embezzling 29.7 billion won ($31.5 million) from the business group between 1996 and 2005. Last July an appeals court upheld the three-year jail sentence, suspended

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Government Investigating Credit Card Commissions

Donga Ilbo Feb. 23, 2007 There are reports of widespread discontent over the way credit card issuers charge merchants commission fees. South Korea’s financial regulatory body has begun to investigate the issue. “We commissioned the Korea Institute of Finance to find out what costs credit card issuers face. We are going to assess whether each card issuer charges fair commissions to merchants. Then we will propose a standard for card

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Four oil companies fined for price rigging

Korea Herald Feb. 23, 2007 The Fair Trade Commission yesterday slapped fines of 52.6 billion won ($54.5 million) on four major oil refineries for illegal price-fixing. The antitrust watchdog said SK Corp., Hyundai Oilbank Corp., GS Caltex Corp. and S-Oil Corp. were found to have conspired to raise prices of petroleum products such as gasoline, diesel and kerosene in 2004. The FTC also decided to file a complaint against the

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153 indicted in gaming scandal

Korea Herald Feb. 23, 2007 ‘Sea Story’ scandal nabs 153 Prosecutors said today they have arrested 45 people and indicted 108 without detention in connection with an illegal arcade gaming scandal that erupted last year. The Seoul Central District Prosecutors’ Office today announced the results of its six-month probe into the “Sea Story” scandal, involving lawmakers, high-ranking government officials, gang members, arcade businesspeople and gift certificate issuers. A popular video

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Lobbying to Be Legalized

Korea Times Feb. 23, 2007 By Kim RahnStaff Reporter In an effort to root out bribery, the government is considering revising the law on lobbying. Lobbying is currently illegal in Korea because it is associated with bribes. According to the plan proposed in a report submitted by Justice Minister Kim Sung-ho to President Roh Moo-hyun, lobbyists will be asked to register and to report their activities to the government. “Legalizing

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Sailing into the winds of change

My Yacht Club was featured in the Joongang Daily. Sailing into the winds of change Joong ang Ilbo February 23, 2007 Harold Shim, right, aboard a 21-foot trimaran on the Han River in Seoul with members and guests of the 700 Yacht Club. In 1965, as an 11-year-old immigrant to the United States, Harold Shim found himself with his brother and sister living with an adoptive family on Wrangell Island

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FTC expands price-fixing probe in education market

Korea Herald Feb. 22, 2007 The Fair Trade Commission is expanding an investigation into the education sector amidst speculation over possible cartels and abuses of market dominance to raise prices of textbooks, school uniforms and tuition fees. In addition to its examination of high-priced textbooks sold by the state-funded Educational Broadcasting System last year, the antitrust watchdog is probing a suspected cartel of school uniform suppliers. The FTC is currently

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Former Aide Accuses Ex-Mayor of Bribery

Korea Times Feb. 22, 2007 By Kim Sue-young Staff Reporter Kim Yoo-chan A former secretary of Lee Myung-bak, a strong presidential hopeful of the main opposition Grand National Party (GNP) and a former Seoul mayor, Wednesday detailed a case of bribery. In a press conference, Kim Yoo-chan said Lee is not entitled to become president and that made him come forward to present evidence of illegal actions. “Lee Kwang-chol, a

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Sexual Violence on Children Rises 33%

Korea Times Feb. 22, 2007 By Bae Ji-sook Staff Reporter Child molestation is becoming a serious social problem with the number of cases of sexual violence on children under 13 increasing every year. In 2006, the number of victims under 13 was 980 or 6.4 percent of the total of 15,326 reported cases of sexual violence, according to the National Police Agency. This represents a significant rise from 738 or

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Bill Sought to Limit FDI in Key Sectors

Korea Times Feb. 22, 2007 By Kim Yon-seStaff ReporterA group of lawmakers and policymakers are moving to legislate a law aimed at placing restrictions on foreign investment in some key industries. The move is aimed at blocking takeover attempts in the weapons, energy and steel sectors and other high technology areas that have some comparative advantages.The Ministry of Commerce, Industry and Energy (MOCIE) is reviewing the bill in consideration of

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FTC plans a monopoly investigation of 3 portals

JoongAng Ilbo Feb. 21, 2007 As early as next month, the Fair Trade Commission will begin investigating whether three major Internet portals, Daum, Naver and Nate, are a monopoly.“We will form a task force team and begin a direct-authority investigation on the Internet portal companies,” said Lee Dong-gyu, secretary general of the Fair Trade Commission. The watchdog agency said it feels the influence of the top portals is growing rapidly

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Judge Urges Chief Justice to Resign

Donga Ilbo Feb. 21, 2007 A presiding judge called for an explanation from Supreme Court chief justice Lee Yong-hoon, questioning his morality. He blames the chief justice for distrust in legal community, most recently proven in crossbow attack on a senior high-court judge. Jung Young-jin, presiding judge at the Seoul Central District Court, posted a paper on the court’s local area network (LAN) titled, “Urge the Chief Justice to Explain

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Rules to Change for Entertainment Spending

Chosun Ilbo Feb. 21, 2007The existing government regulation that requires a receipt for corporate entertainment spending exceeding 50,000 won will be tightened. Entertainment spending which will require a receipt will be lowered to 30,000 won in 2008 and 10,000 won in 2009. In response, businesses are expressing their anger against the government’s measure, saying it will increase the tax burden and add more work for them. They also argued that

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Ten Petrochemical Companies Fined For Price Fixing

Chosun Ilbo Editorial Feb 21, 2007 Price Fixing Is a Serious Crime. The Fair Trade Commission has fined 10 petrochemical companies W105.1 billion (US$1=W939) for price rigging between 1994 and 2005. The firms including SK Corp., LG Chemicals and Samsung Petrochemicals were found to have held monthly executive meetings to set standard sales prices and “monitored” each other to make sure nobody undercut them. The FTC estimates the price-fixing cost

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Court rules against ‘Lolita’ defense in pedophilia case

Korea Herald Feb. 20, 2007 Court rules against ‘Lolita’ defense in pedophilia case The Supreme Court ruled yesterday that a mental illness involving sexual obsession with children cannot be an excuse for lessened punishment for sexual violence against children.The top court returned a molestation case to an appellant court for a retrial. The appellant court had reduced a life sentence imprisonment penalty to 15 years after recognizing the offender had

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First foreign listing likely delayed to June

Korea Herald Feb. 21, 2007 First foreign listing likely delayed to June The listing of the local stock exchange’s first foreign company will likely be in June at the earliest, the Korea Exchange said yesterday. Huafeng Textile International Group, which is already listed in Hong Kong, filed an application in December for a secondary floatation on Korea’s main bourse. Lee Young-tak, chairman and CEO of Korea Exchange, said in January

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JU Group chief gets 12 years in jail

Korea Herald Feb. 21, 2007 JU Group chief gets 12 years in jail A Seoul lower court yesterday sentenced the chairman of JU Group, the nation’s biggest multilevel marketing firm, to 12 years in prison for fraud and embezzlement.Joo Soo-do, 51, was arrested last July on charges of deceiving over 110,000 people in a fraud case of 1.8 trillion won ($1.9 billion), instructing them to illegally pay a total of

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North Korea Enacts Law Against Money Laundering;Intelligence Agency Says Pyongyang Has Highly Enriched Uranium Program

Korea Times Feb 21, 2007 North Korea Enacts Law Against Money LaunderingIntelligence Agency Says Pyongyang Has Highly Enriched Uranium Program By Park Song-wuStaff Reporter The National Intelligence Service (NIS) on Tuesday confirmed that North Korea recently enacted a law that prohibits money laundering. The standing committee of the North’s Supreme People’s Assembly adopted the legislation last October to ban financial transactions involving illegal earnings, the agency said in a press

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Go for 2-Term Presidency

Appeared in Korea Times on 01-31-2007 Dear Prof. Sean Hayes: An issue that has suddenly been proposed by President Roh Moohyun is the amendment of the Constitution to give the future president a four-year one-time renewable term and also to align the presidential election with the National Assembly elections. Currently, the president has a five-year non-renewable term and the presidential election is not held on the same date as the

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[News] Ex-governor Found Guilty and Sentenced for Rape

The Supreme Court reached a consensus for former South Chungcheong Province Governor An Hee-jung’s sentence for raping his female assistant, in the nation’s most noteworthy profile #Metoo movement scandal. The Supreme Court on September 9, 2019 confirmed that An Hee-Jung should serve a 3 ½ year prison sentence for his crime against his secretary. The Supreme Court stated that “The victim’s testimony is deemed credible given that it is consistent

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