Our law firm has worked with foreign clients of all shapes and sizes doing business in Korea. Surprisingly, we see many of the same issues with our multinational clients as with our SME clients, so we drafted this post. TOP TEN ERRORS OF COMPANIES IN THE KOREA MARKET Am I missing anything? Sean Hayes Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law
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IPG Legal Expert Opinions on Korean Law for Foreign Courts and Law Firms
As complex cross-border litigation, arbitration, and international transactions continue to increase in Korea, foreign courts and overseas counsel are frequently required to apply or assess Korean law and the Korean legal system. In such cases, accurate and nuanced interpretation of Korean statutes, judicial precedent, and regulatory practice is essential. IPG Legal regularly works with foreign lawyers and courts to provide expert opinions on matters governed by Korean law. We often appear in court and provide legal opinions worldwide. The Role of Korean Law Expert Opinions in Cross-Border
Continue readingDoing Business in Korea (by Tom Coyner: IPG Legal’s Senior Adviser)
IPG Legal’s Senior Business Adviser, Tom L. Coyner, has published the second edition of his book on Korean business. The book is entitled “Doing Business in Korea” and may be purchased through Amazon or at most bookstores in Korea. While the book was written a few years back, it is still a useful guide and should be on everyone’s bookshelves. The book is highly recommended reading for anyone with business interests in Korea. Sean Hayes has been noted as a contributor to the legal chapter of the
Continue readingKorea’s Digital Asset Basic Act and Stablecoins: What Businesses in Korea Need to Know
In June 2025, Korea took another step toward building a comprehensive regulatory framework for digital assets by passing the Digital Asset Basic Act of Korea (DABA). This DABA, once fully implemented, will complement the Korean Virtual Asset User Protection Act (VAUPA) and create clearer licensing, reserve, and operational obligations for stablecoin issuers and other digital asset businesses. The full details of the act’s implementation are not yet known, and we will update the reader as more information becomes available. Stablecoins, digital tokens pegged to fiat currency or
Continue readingKorean Supreme Court Finalizes Criminal Sentences in KRW 70 Billion Woori Bank Embezzlement Case
The Supreme Court of South Korea has upheld multiple convictions in a major financial crime case involving embezzlement, document forgery, and money laundering tied to Woori Bank. The main defendant, a former employee, was sentenced to nearly two decades in prison, with additional prison terms handed down to family members and associates who helped conceal the crime. Supreme Court Ruling: Case No. 2024Do20240 On April 10, 2024, the Criminal Division 2 of the Supreme Court confirmed the lower court’s decision to sentence Mr. A, a former Woori
Continue readingSean Hayes in New York Times on Samsung Slush Fund/Corruption Case
IPG Legal’s Sean Hayes was quoted by the New York Times on a book written by Former Samsung head attorney and Prosecutor Yong-Chul Kim on the Samsung Slush Fund Scandal. We reposted this quote, since recent issues in Korea have brought similar issues back in the spotlight. For an article on Korean Corruption please see: Corruption in Korea: What is the Crux of the Problem? by Tom Coyner (Senior Advisor to IPG Legal). For an explanation of changes to Korea’s Whistleblower Law for 2024, please see: Korean
Continue readingOpening & Managing a Bank Account in Korea
My friends at the Korean Tax Blog have an article on some difficulties with banking in Korea. I recommend reading the article. The blog post notes, in part, that: “I have often received questions from foreigners about the banking system in Korea. Even for Koreans, it is notoriously complicated. Although difficult to adequately explain the nuances of Korean banking (and the numerous issues surrounding online banking caused by Internet Explorer), I offer you a general guideline for using our system. If you’re an Apple Lover, forget it!
Continue readingIs a Bankruptcy in the U.S. “Effective” on Assets in Korea?: Korean Bankruptcy Law Basics
The following article on the interplay between Korean Bankruptcy Law and foreign bankruptcy laws was motivated by a question from a reader from the Korea Times. The following is from a column I used to write for the Korea Times. Please note the present Bankruptcy Law in Korea was amended and the present topic, while interesting, shall not apply to present bankruptcy proceedings. However, take a read – very interesting matter. I shall be posting some of my old articles from a prior weekly column over the
Continue readingTop 100 Korean Lawyers & Legal Consultants in Korea
Sean Hayes, an attorney for the Top Korean Dispute Resolution Law Firm of the Year was rated by LawAsia, one of the leading peer-reviewed publications in Asia, as a Top 100 Lawyer in Korea. Sean Hayes is one of the only non-Korean attorneys on this Korean Lawyer “A-list” and the only non-Korean that was on the list each year the list was published. Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first
Continue readingExercising Korean Stock Options in Companies in Korea under the Korean Commercial Code
Stock options, in Korea, are often provided to senior foreign and domestic employees of companies in Korea. For stock options in non-listed/non-public companies in Korea to be exercisable by employees in Korea (thus a valid option) the option must be approved, in most cases, at a general shareholders meeting of the Korean company. Another article that may be of interest can be found at: Granting & Exercising Stock Options in Korea. The articles of incorporation of the Korean stock granting company should be amended or should note
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