Featured South Korea

Germany’s Dolphin Trust was a pyramid scheme, causing devastation for investors

When it comes to German corporate fraud, Wirecard has been hogging the headlines for a while. But there’s another German company that has plummeted to Earth after a more than €1 billion hole emerged in its accounts. Except unlike with Wirecard, this was money that once… Read More

Bankrolling Tyranny: The Tatmadaw’s Military-Run Business Empire

By Farley Sweatman, Strife, 5 May 2021 Strife — In the early morning of February 1, 2021, the Tatmadaw (the official name for the armed forces of Myanmar) staged a coup to reclaim its status as the sole source of political power in the country by… Read More

Singapore: Syndicate member behind S$2.5m cross-border investment scam gets jail

A member of a syndicate linked to S$2.5 million worth of cross-border investment scams, perpetuated via shell companies with fake office fronts at Marina Bay Financial Centre, was given 12 years and one month’s jail on Monday (Apr 19). China national Wei Yong, 44, gambled away most of his criminal… Read More
20th April 2021
South Korea said Monday it plans to crack down on any illegality involving cryptocurrencies, such as money laundering, until June amid skyrocketing prices of virtual money. The interagency crackdown comes as the latest frenzied buying of bitcoin and other cryptocurrencies raises concerns about speculative investments and potential illegal activities, according… Read More
6th April 2021
AP — Japan extended its own sanctions against North Korea for another two years as Pyongyang continues to develop its nuclear weapons without any progress in resolving the abductions of Japanese nationals. Japan bans all trade between the countries and prohibits North Korean-registered ships from entering… Read More
6th April 2021
For the first time in the country’s history, South Korean prosecutors have sold bitcoin confiscated from criminals, CoinDesk Korea reported. The sale turned a profit of around 12.3 billion won (around US$10.9 million), which has been transferred to the national treasury. On April 1, the Suwon… Read More
26th March 2021
A Melbourne man accused of orchestrating a $395 million fraud to dupe two Korean investment houses into investing in fake NDIS-related property deals has appeared in court. Demetrios “James” Charisiou on Friday attended a short administrative hearing at the Melbourne Magistrates via video to face five… Read More
25th March 2021
The South Korean arm of the cryptocurrency exchange OKEx has decided to shut up shop rather than attempt to navigate revised regulatory hurdles that come into effect on Thursday. According to a report by CoinDesk Korea on Tuesday, the cryptocurrency exchange has earmarked April 7 as the last day… Read More
25th March 2021
South Korea’s tax agency said Wednesday that it has launched probes into 54 offshore tax evaders who enjoyed social benefits from the country without paying taxes here. The National Tax Service discovered 14 individuals with dual nationality who enjoyed health and welfare benefits but concealed their properties and earnings overseas… Read More
17th March 2021
South Korea’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country. According to Korea JoongAng Daily, South Korea’s Financial Services Commission, or FSC, has amended its financial reporting rules to include the cryptocurrency… Read More
12th March 2021
The Financial Services Commission of Korea (FSC) introduced new penalty standards for cryptocurrency service providers today. The financial regulator is planning to impose heavy penalties on digital exchanges in the country if they fail to report suspicious transactions. According to the official announcement, FSC has asked local crypto exchanges… Read More
24th February 2021
South Korean shipbuilder Samsung Heavy Industries agreed to pay 812 million reais ($148.56 million) in a leniency deal with Brazilian authorities to settle corruption investigations, federal prosecutors said late on Monday. On its website, the prosecutor’s office said the deal was part of a global negotiation between the company and… Read More
27th January 2021
Samsung heir Lee Jae-yong and the prosecution said Monday that they will not appeal last week’s appeals court ruling that sentenced him to two and a half year in prison in a retrial of a high-profile bribery case. The Seoul High Court last Monday handed down the verdict to the… Read More