Featured South Korea

Pfizer receives inquiry from SEC bribery unit

Pfizer Inc. said it received an inquiry from the U.S. Securities and Exchange Commission’s foreign-bribery unit regarding the drugmaker’s operations in China. The inquiry was disclosed in Pfizer’s third-quarter financial statement, which was filed with regulators Thursday. It follows other informal requests for information by the SEC and the… Read More

South Korea: Probe launched into allegations against top prosecutor’s wife over bribery and stock manipulation

The prosecution has launched a probe into allegations that Prosecutor General Yoon Seok-youl’s wife was involved in bribery and stock manipulation cases, judicial sources said Thursday. According to the sources, the Seoul Central District Prosecutors Office has assigned the cases to an anti-corruption investigation team to look into the allegations… Read More

Korean prosecutors raid brokerage firms over Lime Asset mis-selling

South Korean prosecutors have raided two brokerage firms in connection with a growing financial fraud scandal involving hedge fund Lime Asset Management, according to local media reports. Lime Asset is accused of providing inaccurate information about fund products sold to customers through banks and securities firms. Almost 4000 investors… Read More
30th October 2020
Former South Korean President Lee Myung-bak faces spending much of his remaining years in prison, after the Supreme Court upheld a lower court’s corruption conviction against the conservative ex-leader. Lee, 78, planned to surrender to prosecutors by Monday, his lawyer said Thursday, after South Korea’s highest court denied his final… Read More
14th October 2020
AP – An anti-corruption watchdog on Tuesday ranked the United States and United Kingdom as the largest exporters most active at enforcing rules meant to prohibit companies from paying bribes in foreign markets, but said many others are doing next to nothing. Berlin-based Transparency International said only four of… Read More
1st October 2020
A U.S. proposal to almost totally sever Iran from the global financial system could sharply hinder its ability to secure supplies of food and drugs as it struggles to contain a resurgence of the worst coronavirus outbreak in the Middle East. The Trump administration is considering targeting more than… Read More
2nd September 2020
Samsung heir Lee Jae-yong is facing fresh charges of over his role in a 2015 merger deal at the tech giant. South Korean prosecutors accused Lee, 52, of using stock and accounting fraud to try to gain control of the Samsung Group – claims Mr Lee denies. In 2017, Lee… Read More
27th August 2020
Hackers linked to North Korea have used LinkedIn as part of a major heist to steal cryptocurrency, new research has revealed. The notorious Lazarus Group, which was behind the 2014 cyber attacks on Sony, carried out an attack against a cryptocurrency organisation using a tailored job advert posted… Read More
6th July 2020
Sixty-two countries violated United Nations Security Council sanctions against North Korea over a one-year period, according to a report from a Washington, D.C.-based think tank The Institute for Science and International Security report, released Wednesday, cites over 250 alleged violations from February 2019 to February 2020 based on… Read More
26th June 2020
Novartis AG and a former subsidiary of the Swiss drugmaker agreed to pay a combined $347 million to resolve allegations that the companies ran schemes to bribe public hospitals and clinics in Greece, Vietnam and South Korea, U.S. authorities said Thursday. The settlements with Novartis and its former… Read More
12th June 2020
One of South Korea’s largest engineering firms, SK Engineering and Construction, pleaded guilty to one count of wire fraud in obtaining a construction contract worth hundreds of millions of dollars from the U.S. Army, the Department of Justice announced Wednesday. SK received a contract in 2008 at Camp Humphreys, the… Read More
8th June 2020
Lee Jae-yong, Samsung Electronics vice chairman and the de facto leader of the Samsung Group conglomerate, may soon find himself back in jail. Prosecutors are seeking an arrest warrant against Lee, known as Jay Y. Lee in the West, arguing that he should be detained while they investigate new allegations… Read More
8th June 2020
AP — An Alaska man accused of laundering $1 billion held in South Korea for Iran funneled nearly all the money through the United Arab Emirates, U.S. federal court documents released early Thursday show. The court documents, filed as part of a U.S. asset seizure effort, shed further light on… Read More