South Korean company pleads guilty in U.S military base corruption scandal
12th June 2020
South Korean company pleads guilty in U.S military base corruption scandal
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
Samsung heir Lee may be arrested soon on new corruption charges
8th June 2020
Samsung heir Lee may be arrested soon on new corruption charges
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
US says Alaska man laundered nearly $1B for Iran through UAE
8th June 2020
US says Alaska man laundered nearly $1B for Iran through UAE
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
South Korea Told to Do More to Stop Public Officials From Laundering Bribes
20th April 2020
South Korea Told to Do More to Stop Public Officials From Laundering Bribes
South Korea has significantly improved its legal framework on fighting money-laundering, but it needs to step up efforts to prevent public officials from laundering bribes and to solidify its ability to freeze the assets of persons and entities blacklisted by the United Nations, a global anti-money-laundering watchdog said. The Financial… Read More
Korea’s Ex-President Lee, One-Time Hyundai Chairman, Back In Jail In Scandal Involving Samsung
21st February 2020
Korea’s Ex-President Lee, One-Time Hyundai Chairman, Back In Jail In Scandal Involving Samsung
Lee Myung-bak, as former chairman of Hyundai Engineering and Construction, centerpiece of the Hyundai empire, ran for president of South Korea in 2007 on the promise to reform the economy. Now, he’s back in jail for the second time in a corruption scandal that caught up with him after his… Read More
Prosecutors raid Lime, Shinhan Investment in misselling probe
20th February 2020
Prosecutors raid Lime, Shinhan Investment in misselling probe
Financial Supervisory Service (FSS) says nearly half of troubled funds sold through commercial banks Prosecutors on Wednesday raided the headquarters of Lime Asset Management and Shinhan Investment, as part of a probe into alleged misselling of hedge funds that could cause losses of more than 1 trillion won ($845 billion). Read More
Airbus bribery scandal triggers new probes worldwide
4th February 2020
Airbus bribery scandal triggers new probes worldwide
Fallout from the Airbus bribery scandal reverberated around the world on Monday as the head of one of its top buyers temporarily stood down and investigations were launched in countries aggrieved at being dragged into the increasingly political row. Airbus agreed on Friday to pay a record $4 billion in… Read More
Paying Off Van Gogh and Fu Fu: Inside the Airbus Bribery Web
3rd February 2020
Paying Off Van Gogh and Fu Fu: Inside the Airbus Bribery Web
Airbus SE has long since disbanded the so-called strategy and marketing unit at the center of its record $4 billion bribery settlement, but for years it had quite a heyday. According to documents filed by U.S. prosecutors on Friday, the 150-person team used its $300 million annual budget… Read More
S. Korea OKs 3rd internet-only bank
17th December 2019
S. Korea OKs 3rd internet-only bank
South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledgling market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva Republica. Read More
Cryptocurrency expert accused of assisting North Korea in evading sanctions
2nd December 2019
Cryptocurrency expert accused of assisting North Korea in evading sanctions
A man was arrested in California and accused of traveling to North Korea to deliver a presentation on using cryptocurrency and blockchain technology that could help the country evade sanctions, federal prosecutors in New York said Friday. Virgil Griffith, 36, was arrested Thursday at Los Angeles International Airport after he… Read More
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