Skip to content

December 22, 2016, All News Korea: South Korea’s special prosecutor is requesting that Germany freeze assets belonging to the Choi family.

January 4, 2017

Author: All News Korea, Date: December 22, 2016
QUOTE: We need to keep in mind the larger crime which Choi has been accused of: she set up several hundred shell companies and bank accounts under assumed names in Europe to transfer funds from the 2 foundations she controlled in Korea: (1) K-Sports and (2) Mir. The funds were diverted for personal use. For example, Choi received sponsorship money from Samsung with which she bought horses and paid training expenses. Choi laundered the money through her shell companies and bank accounts.
In return for Samsung’s sponsorship, Choi directed President Park’s office to approve a merger between Samsung C&T Corp and Cheil Industries. These are both Samsung subsidiaries and the merger was subject to the approval of shareholders. A shareholder whose approval was crucial was the National Pension Service (NPS), Korea’s largest pension fund. It is believed that Park’s office pressured the NPS to support the merger to return the favor to Samsung. In July 2015, Samsung narrowly won the shareholder vote and the transaction was consummated. Samsung’s payments to Choi, in other words, had a quid pro quo — a form of bribery that has been rather rampant in Korean history between the sitting government and some of the largest conglomerates (“chaebols”). END OF QUOTE


From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: