▶주메뉴 바로가기

▶본문 바로가기

The Korea Herald
검색폼

THE INVESTOR
March 29, 2024

Samsung

[IMPEACHMENT] Samsung queried by Dutch fund on presidential scandal

  • PUBLISHED :December 22, 2016 - 17:36
  • UPDATED :December 22, 2016 - 17:36
  • 폰트작게
  • 폰트크게
  • facebook
  • sms
  • print

[THE INVESTOR] All Pension Group, a Dutch pension fund, has reportedly sought clarifications from Samsung Electronics on the alleged nexus between politicians and businesses in South Korea, asking it to sever such shady links.

Local daily Dong-A Ilbo reported on Dec. 22 that the inquiry seems to have been made after Vice Chairman Lee Jae-yong appeared at a parliamentary hearing early this month for the influence-peddling scandal involving President Park Geun-hye and her long-time confidante Choi Soon-sil. 


Park Hae-mook/The Investor



Samsung is suspected of having provided 44 billion won (US$37 million) of funds to dubious foundations and paper companies controlled by Choi who allegedly used the money for private purposes.

According to the UN Principles for Responsible Investment, global institutional investors have a duty not to invest in companies that are involved in bribery or corruption.

The Dutch pension fund is one of Samsung’s biggest shareholders with a 0.8 percent share -- more than 0.62 percent held by US activist hedge fund Elliott Management.

Considering Samsung recently unveiled a set of new shareholder policies following Elliott’s written proposals to modernize its management and increase investor benefits, industry watchers predict the company could respond to the Dutch fund’s inquiry any time soon.

During the hearing, the heir apparent said that Samsung Group would abolish its Future Strategy Office, the de facto control tower that is thought to have masterminded illicit lobby activities. He also expressed his willingness to withdraw from the Federation of Korean Industries, a business lobby group that was established by his grandfather and Samsung founder Lee Byung-chull back in 1961 to represent the interests of Korea’s big companies.

By Kim Young-won (wone0102@heraldcorp.com)

EDITOR'S PICKS