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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

[PRESIDENTIAL SCANDAL] Scandal throws off tycoons’ plans

  • PUBLISHED :December 01, 2016 - 11:50
  • UPDATED :December 01, 2016 - 11:50
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[THE INVESTOR] Leading South Korean businesses leaders’ plans for the coming weeks are being put on hold as they scramble to prepare for probes of the presidential scandal.

Samsung, Hyundai Motor, LG and SK groups, among others, have been implicated in the case, and their chiefs are set to appear as witnesses in the parliamentary hearing on Dec. 6. 




It has been alleged that Samsung Group may have provided support for Choi Soon-sil and her sports foundations in return for state support in the Samsung C&T-Cheil Industries merger. As for SK Group, there are speculations that it donated large sums to Choi’s foundations to gain an edge in the bid to renew its duty-free store license.

In addition to the parliamentary hearing, the independent counsel probe that will kick off in the next three weeks is also raising concerns that further searches and questioning could hamper concerned businesses’ operations.
The independent counsel investigation, to be completed within 120 days, could continue until March 2017, fueling concerns that business operations could be thrown off schedule in the first quarter.

By Choi He-suk (cheesuk@heraldcorp.com)

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