SK Group

Dear Korean Police: The Chaebol Are Laughing At You, LOUDLY

Charged With Embezzlement? Meh, Move Along…
You have to laugh, or else you will cry. The mK Business Daily reported that SK Group Chairman Chey Tae-won has been appointed to the Hynix board of directors. HUH? Now, as the largest shareholder of Hynix, there is no doubt that someone from SK Group deserves a place on the board. Zero doubt. However, does it need to be SK Group Chairman Chey, the same one that is being charged with embezzling almost USD 90,000,000 from SK, and its shareholders? By the way, those shareholders? Koreans, and most likely also Korea’s National Pension Fund. Just to get this straight: a person being prosecuted by the police, which is supposed to protect the inhabitants of Korea, are being laughed at by a company owned by the citizens of Korea. Looks contorted right? That is because it is.

Hankoryeh Blisters the Federation of Korean Industries (FKI): 100% Correct

Hankoryeh Editorial is Shocking (i.e. It’s Correct)
This is not to say anything specifically negative about The Hankoryeh. This editorial blisters the FKI (Federation of Korean Industries), which has, incredulously, asked for leniency in the prosecution of Chey Tae-won, Chairman of SK Group. He is charged with embezzling almost USD $90,000,000 for his personal investment use from SK. FKI has appealed to law enforcement, with the idea that SK Group is too important to the Korean economy. This is an age-old argument, and one that has been subject of this post.

SK Group: Korea’s Corporate Governance Litmus Test?

Korea’s SK Group Under Potential Investigation
Recently, this nondescript article appeared on Yonhap; $88 million in possible embezzlement, allegations unproven, perhaps mere speculation. Move on, nothing to see here, next…hold on a second.

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