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ManintheMiddle
Joined: 20 Oct 2008
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 Posted: Mon Sep 21, 2009 1:19 am Post subject: THE SLAP OF THE WRIST HEARD AROUND SOUTH KOREA |
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This just on the wire from your humble correspondent:
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Ex-Samsung Chairman Pays 91 Million Dollar Fine
SEOUL (AFP) � The former head of South Korea's largest business group Samsung has paid a fine of more than 90 million dollars in a single instalment, officials said Monday.
A court last month had sentenced Lee Kun-Hee to a suspended three-year prison term and a fine of 110 billion won (91.2 million dollars) for his role in a 1999 bond issue.
Lee decided not to appeal the ruling that he was guilty of breach of trust over the issuance of Samsung SDS bonds with warrants. The exercise was aimed at transferring management control over the group to his only son Lee Jae-Yong.
The court found that the bonds were issued at below market price and that the group subsidiary lost 22.7 billion won as a result. It suspended Lee's jail term for five years.
The Supreme Prosecutor's Office confirmed Lee paid the entire fine last Friday to one of its Seoul branch offices.
Forbes Asia in April listed Lee as Korea's richest man, with assets estimated at 3.9 billion dollars.
Lee, 67, led Samsung for almost 20 years and was widely credited with turning it into a global brand. He stepped down in April 2008 following an investigation by special prosecutors into claims by a former group lawyer of irregularities.
In a separate trial Lee was convicted of tax evasion, received a suspended prison sentence and was fined 182 billion won. That fine was paid in May last year. |
Two paltry fines and only suspended jail time. The chaebol grip on power continues in the Land of the Morning Calm.
Unless these jackasses are given serious jail time and have their assets seriously dented, nothing will change. It'll just be business as usual. They get more worked up over the Dokdo Islands than what really ails the country.
Don't the Korean pols realize how bad an image this presents?
(Oh, wait, I forgot. This is the same group of clowns who lunge at one another across tables and podiums in the parliament chambers.)
Jeez, Louise. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Mon Sep 21, 2009 1:26 am Post subject: Re: THE SLAP OF THE WRIST HEARD AROUND SOUTH KOREA |
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| ManintheMiddle wrote: |
| Unless these jackasses are given serious jail time and have their assets seriously dented, nothing will change. It'll just be business as usual. |
Yes, business as usual is the name of the game, the whole world over. Simply put, the powers that be just do whatever they want.
It's kind of like back home where the banking cartel gets to plunge the economy, then steal trillions of dollars from the taxpayers (bailouts), and charge us interest to do so (through the privately owned, criminal Fed). Rotten to the core, just like Korea. |
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