Related News
SK pension chief changes tune to admit role over disputed merger
Print Edition
SOUTH Korea’s National Pension Service chief admitted putting pressure on the state-run fund to back a controversial merger of two Samsung units, prosecutors said yesterday during a widening probe into a corruption scandal engulfing impeached President Park Geun-hye.
Park is accused of colluding with long-time confidant Choi Soon-sil to strong-arm companies like Samsung into handing over tens of millions of dollars to dubious foundations that Choi controlled.
As part of the investigation, a team of special prosecutors has been looking into whether Samsung bribed Choi to win state approval for the merger of two of its units in July last year.
Former Health Minister Moon Hyung-pyo — now the National Pension Service chief — was taken into emergency detention on Wednesday on allegations that he had pressured the fund to vote in favor of the merger when he served in the health ministry.
“He admitted that he gave such orders,” said Hong Jung-seok, a Special Prosecutors’ Office spokesman.
Hong said prosecutors had applied for a warrant to formally arrest Moon for abuse of power and giving false testimony. At a parliamentary hearing last month, Moon had denied any involvement in the merger.
The merger of Samsung units Cheil Industries and Samsung C&T last year was seen as a crucial step to ensure a smooth father-to-son power transfer to Lee Jae-yong, scion of Samsung’s founding family.
Critics said it undervalued Samsung C&T stock but NPS — the world’s third largest public pension fund and a major Samsung shareholder — backed the deal, allegedly incurring hundreds of millions of dollars in losses for NPS subscribers.
Choi has been formally indicted on charges of abuse of power and coercion.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
