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South Korea

February 28, 2017

Second-gen Lee Jae-yong, the vice chairman and heir apparent of electronics conglomerate Samsung, is to be indicted on multiple charges including bribery and embezzlement, according to prosecutors.

Second-gen Lee Jae-yong, the vice chairman and heir apparent of electronics conglomerate Samsung, is to be indicted on multiple charges including bribery and embezzlement, according to prosecutors.

Earlier this month, the 48-year-old was arrested for his alleged role in providing about ₩43 billion ($37 million) to a friend of South Korean president Park Geun-hye to win state approval for a controversial 2015 merger.

October 21, 2016

A.G. Sulzberger appointed deputy publisher of New York Times, A.G. Sulzberger appointed deputy publisher of New York Times, and Vivendi lawsuit dialled up to 11

A.G. Sulzberger appointed deputy publisher of New York Times

Fifth-generation Arthur Gregg “A.G.” Sulzberger has been appointed deputy publisher of the New York Times, setting him up to one day succeed his father, Arthur Sulzberger Jr.

The 36-year-old next-generation executive takes on the role amid a difficult time for the publication: readers and advertisers are slowly shifting to online, while publishers are shifting their resources within the newsroom.

August 4, 2016

A newly revised law in South Korea will see the chiefs of major family-controlled conglomerates, known as chaebol, come under examination as lawmakers look to ensure the stability of their financial subsidiaries, officials said this week.  

A newly revised law in South Korea will see the chiefs of major family-controlled conglomerates, known as chaebol, come under examination as lawmakers look to ensure the stability of their financial subsidiaries, officials said this week. 

The move comes nearly three years after the Tongyang Group, then the 38th largest chaebol in South Korea, declared bankruptcy after inappropriately selling commercial paper and corporate bonds, causing damages to the tune of ₩2 trillion ($1.87 billion). 

August 14, 2015

James Packer steps down as chairman of Crown Resorts; Chey Tae Won receives pardon from president; and Cargill to expand agriculture business in Mexico

James Packer steps down as chairman of Crown Resorts

Australian billionaire James Packer has stepped down as chairman of Crown Resorts amid an earnings slump at the casino group.

According to a statement, the 47-year-old will instead take on the role of senior executive director and plans to focus on the group’s global expansion.

February 17, 2015

South Korean politicians are considering new legislation aimed at controlling abuses of power and misconduct in family-run conglomerates, and is being nicknamed after Heather Cho, the Korean Airlines next gen whose inflight tantrum in December last year captured international headlines.

South Korean politicians are considering new legislation aimed at controlling abuses of power and misconduct in family-run conglomerates, and is being nicknamed after Heather Cho, the Korean Airlines next gen whose inflight tantrum in December last year captured international headlines.

November 20, 2014

Samsung retires $2.5 billion proposed merger; Ikea doubles down on wind deal; and BMW and Daimler commit to Mexico supply deal

Samsung retires $2.5 billion proposed merger

South Korea’s largest family-owned conglomerate Samsung Heavy Industries has scrapped a proposed $2.5 billion (€1.99 billion) takeover of Samsung Engineering due to shareholder opposition.

August 26, 2013

Tokyo has long been the coolest town in Asia, but Seoul is now giving it a run for its money. Hip new stores, salons and boutiques are opening left, right and centre. Campden checks out what the city has in store.

Tokyo has long been the coolest town in Asia, but Seoul is now giving it a run for its money. Hip new stores, salons and boutiques are opening left, right and centre. Impressive architectural landmarks are being built, arguably the most spectacular being Zaha Hadid’s Dongdaemun Design Park and Plaza.

July 18, 2013

The family head of CJ Group, one of South Korea's largest chaebols, was indicted today for tax evasion and embezzlement.

The family head of CJ Group, one of South Korea's largest chaebols, was indicted today for tax evasion and embezzlement.

Third-generation chairman of the food, pharmaceuticals and biotechnology group Lee Jay-hyun, 53, was accused of dodging 54.6 billion won (€37 million) in taxes, and of creaming off 96.3 billion won in company assets to fill a personal slush fund.

May 20, 2013

Family-controlled conglomerate LG Group has announced it will award 400 billion won (€278 million) worth of contracts to smaller businesses, as the South Korean government moves to rein in the economic dominance of its biggest family businesses.

Family-controlled conglomerate LG Group has announced it will award 400 billion won (€278 million) worth of contracts to smaller businesses, as the South Korean government moves to rein in the economic dominance of its biggest family businesses.

In the voluntary move, LG will award system integration contracts worth 230 billion won, advertising deals worth 100 billion won and the remainder to construction contracts.

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