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 is equivalent to other person’s private enterprise behind the corporate
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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 compliance rules. The Graft Act is, only, the tip of
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