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Biz News Korea(Eng)
Ex- minister and NPS asset managing chief sentenced for Samsung Group merger
- Collected
- 2017.06.09
- Distributed
- 2017.06.12
- Source
- Go Direct
Moon Hyung-pyo and Hong Wan-sun
Moon who oversaw the pension operator as the welfare minister was sentenced to 30 months in prison for abusing his power to make the NPS that holds sizeable stake in Samsung C&T to vote in favor of its merger with Cheil Industries despite questions about the damage to its shareholders.
Hong also received the same prison sentence for using “various irregular methods” to persuade the asset management committee to support the merger regardless of internal concerns about potential losses in its stake interests.
The ruling did not include the court’s judgment on whether Moon had exercised influence upon the order of the president who is charged of receiving donations from Jay Y. Lee who headed Samsung Group on behalf of his bedridden father.
But court watchers believe the guilty verdict would impact the trials of former President Park Geun-hye and Lee who are accused of bribery and favoritism.
By Chae Jong-won and Chung Joo-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]