The special investigation team has imposed travel bans on conglomerate chiefs as it prepares to dissect the political scandal involving President Park Geun-hye and her confidante Choi Soon-sil, according to news reports on Sunday. Samsung Electronics’ Vice Chairman Lee Jae-yong, SK Group’s Chairman Chey Tae-won and Lotte Group’s head Shin Dong-bin have been banned from travelling abroad. The ban came as the independent counsel team is set to begin a 70-day investigation into the scandal from Mon

Korean conglomerates embroiled in bribery allegations are on alert after the embattled President Park Geun-hye was impeached in a parliamentary vote Friday.Seven business moguls were included in the impeachment motion proposed by three opposition parties, on claims they donated money to the Mir Foundation run by Park’s close friend, Choi Soon-sil, after meeting with the president.　The motion also mentions Samsung C&T Corporation and its controversial merger with Cheil Industries, as well as SK a

South Korean prosecutors on Friday continued their ongoing investigation into companies that raised money for nonprofit foundations linked to President Park Geun-hye and her confidante, seeking to prove that the money involved amounted to bribes for the president’s inner circle.Earlier in the day, the special investigative team summoned an official from SK Group for questioning on allegation that the corporation illegally lobbied the Park administration to win back its duty-free shop licenses it

[THE INVESTOR] As Samsung Electronics remained cautious over US hedge fund Elliott’s proposal on governance restructuring, stock prices of the tech giant and related affiliates surged Thursday.Earlier Wednesday, Elliott sent a letter to Samsung Electronics, noting that the “unnecessary complex” structure of the company was weighing on its stock prices and it is thus undervalued by as much as 70 percent.The activist investor asked Samsung Electronics to split into a holding company and list its o

As Samsung Electronics remained cautious over US hedge fund Elliott’s proposal on governance restructuring, stock prices of the tech giant and related affiliates surged Thursday.Earlier Wednesday, Elliott sent a letter to Samsung Electronics, noting that the “unnecessary complex” structure of the company was weighing on its stock prices and it is thus undervalued by as much as 70 percent.The activist investor asked Samsung Electronics to split into a holding company and list its operating compan

[THE INVESTOR]  More than 5,700 employees left Samsung Group in the first half after its five affiliates -- Samsung SDI, Samsung Electro-mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T Corporation -- launched voluntary retirement schemes. According to their semi-annual reports released Thursday, the total number of employees at the five firms fell by around 10 percent, from 54,988 in December to 49,259 in June this year. By affiliate, Samsung SDI, which has recently sepa

More than 5,700 employees left Samsung Group in the first half after its five affiliates -- Samsung SDI, Samsung Electro-mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T Corporation -- launched voluntary retirement schemes. According to their semi-annual reports released on Thursday, the number of total employees of the five firms has reduced around 10 percent from 54,988 in December to 49,259 in June, this year. By affiliate, Samsung SDI, which has recently separated its

[THE INVESTOR] Korea Southern Power, one of Korea’s public energy companies, is gradually breaking into the overseas market with its innovative technology and know-how.Late last month, KOSPO successfully carried out the first trial ignition in the Kelar gas power plant in Chile, where construction is still underway. The trial ignition, the first step after installing a gas turbine, is considered crucial as it indicates how a plant is well-connected.  Kelar gas power plant in Chile. KOSPOSince 20

 Korea Southern Power, one of Korea’s public energy companies, is gradually breaking into the overseas market with its innovative technology and know-how.Late last month, KOSPO successfully made the first trial ignition in the Kelar gas power plant in Chile, where construction is still underway. The trial ignition, the first step after installing a gas turbine, is considered crucial as it indicates how a plant is well-connected.  Korea gas power plant in Chile (KOSPO)Since 2013, KOSPO has been b

The Korean government is set to participate in Sri Lanka’s $63.2 billion smart city development project, Seoul’s Ministry of Land announced Tuesday. The project is part of Sri Lanka’s plan to develop nine new towns in Colombo and its adjacent areas by 2030.The Land Ministry said Minister Kang Ho-in and Sri Lanka’s Megapolis Minister Champika Ranawaka inked a memorandum of understanding in Seoul on Tuesday for the partnership of the new city project. “We believe Korea’s experiences in developing

Making it on this year’s exclusive 2016 Forbes billionaire list, 31 out of 1,810 billionaires are Korean. 　Of the 31 selected billionaires, 17 are the largest shareholders or owners of listed chaebol -- Korean family-controlled conglomerates -- who will in total receive at least 538.6 billion won ($452.7 million) in company cash dividends this year, averaging some 31.7 billion won per person. 　Although Korean companies are known to be stingy when it comes to distributing company earnings to shar

As part of Samsung Group’s efforts to streamline its complex business structure, the conglomerate is seeking to sell its security arm S-1 Corporation to Japanese security firm SECOM, according to industry insiders.“Samsung is currently realigning its businesses to improve management efficiency and is looking to sell S-1 Corporation to SECOM,” said a Samsung official who declined to be named. Samsung group vice chairman Lee Jae-yong. (Samsung Group)The Japanese security company is the largest sha

삼성그룹이 국내 보안업계 1위 회사인 에스원을 일본 보안 회사 세콤에 매각하는 계획을 하고 있다고 알려져 파장이 예상된다.삼성그룹의 한 내부 관계자는 “삼성그룹은 현재 계열사들을 자르고 붙이는 등 재편성을 하고 있는 중”이며, “에스원을 세콤에 매각한다는 이야기가 돌고 있다” 라고 전했다.이재용 삼성그룹 부회장 (삼성그룹)세콤은 현재 에스원의 25.65%의 지분을 가지고 있는 최대주주이다. 삼성그룹은 1980년 세콤과 합작으로 에스원의 전신인 한국경비보장을 인수했고, 에스원은 1991년 한국안전시스템을 거쳐 1996년 현재의 사명을 변경했다.비록 삼성SDI, 삼성생명, 삼성카드, 삼성증권, 삼성화재가 총 20.93%의 에스원 지분을 가지고 있지만, 삼성계열사 중 어느 곳도 에스원의 최대주주로 있지 않아 삼성그룹의 “비주력 계열사” 중 하나로 인식되어 왔다.이건희 삼성그룹 회장이 2014년 5월 10일 서울 한남동 자택에서 심근경색 증세로 쓰러진 이후, 삼성그룹의 후계자로 지목되고 있

Korea is expected to witness a booming stock market this year with many companies preparing to list on the main bourse KOSPI and the secondary tech-heavy KOSDAQ.Generally, companies decide to go public on the strength of confidence gained from successful business performance, improvement in corporate governance, and positive financing, although listing does not necessarily guarantee future success. Last year, close to 40 percent of the newly listed companies ended with their share price much low

Mergers and acquisitions in South Korea are expected to reach a record high this year as companies may try to streamline operations and find new sources of growth amid a prolonged business slump, experts said Wednesday. According to data by Daewoo Securities Co., the value of local M&As reached a record 77 trillion won last year, with the number of deals also hitting a record 427. "The government's policy that stresses corporate reform and economic revival will serve as a catalyst for the realig