It is possible, in some situations, for shareholders to be sued for the acts of a corporation. The concept is called “piercing the corporate veil.” The Supreme Court of Korea has noted that the corporate veil may be pierced and a shareholder may be sued: “Where a company maintains the external appearance of a juristic person while it merely takes the form of a juristic person and, in substance, it
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Korea’s Improper Solicitation and Graft Act: Kim Young-ran Act
The Improper Solicitation and Graft Act of Korea (“Graft Act”) was enacted on March of 2015 and came into effect in September of 2016. Korea’s Anti-Corruption and Civil Rights Commission published in English and Korea a decent Handbook to the Graft Act. The Handbook may be found at: Handbook to Korea’s Graft Act. All companies doing business in Korea should understand compliance basics and have an understanding of the myriad of
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