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THE INVESTOR
June 17, 2021

Samsung

[IMPEACHMENT] Samsung allegedly offered more funds to Choi Soon-sil

  • PUBLISHED :December 15, 2016 - 16:42
  • UPDATED :December 15, 2016 - 16:42
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[THE INVESTOR] Samsung Group is suspected of offering an additional 22 billion won (US$18.70 million) funding to Core Sports, a German paper company run by Choi Soon-sil, a key figure in the influence-peddling scandal involving President Park Geun-hye.

Local news outlet Hankyoreh on Dec. 15 revealed a document that showed the nation’s largest conglomerate had signed a contract with the paper firm to donate 22 billion won to nurture six equestrian athletes from August 2015 to December 2018.




The new findings come amid a probe into Samsung’s funding worth 20.4 billion won to Mir and K-Sports foundations, controlled by Choi.

Choi is accused of pressuring Samsung and other seven conglomerates, including Hyundai Motor, LG, SK and Lotte, to make donations to the foundations to promote Korean culture and sports.

Samsung admitted that the funding was offered for the public purpose of the foundations, denying that any business favors had been promised in return.

Prosecutors are investigating whether Samsung gave the money in hopes of receiving favors before the controversial merger of two affiliates -- Samsung C&T and Cheil Industries -- in July last year.

Utilizing her close ties with President Park, Choi allegedly forced the National Pension Service, one of the largest shareholders of Samsung C&T, to vote for the merger at a shareholders meeting.

Some Samsung C&T shareholders, including US hedge fund Elliott Management, opposed the merger plan, citing an unfavorable stock swap ratio.

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

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