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Biz News Korea(Eng)
NPS, govt offices raided for probe of suspected corruption behind Samsung C&T merger
- Collected
- 2016.12.22
- Distributed
- 2016.12.23
- Source
- Go Direct
The special prosecutor is probing whether the state pension’s decision to back the $8 billion merger of Samsung C&T Corp. and Cheil Industries, Inc. was made under certain political pressure.
The NPS, with a 10 percent stake in Samsung C&T, threw the decisive vote in favor of the merger of the two Samsung Group affiliates opposed by many, including a U.S. hedge fund Elliot Management in July 2015, allowing Samsung Electronics Co.’s Vice Chairman Lee Jay Y. to tighten his grip over the conglomerate by increasing his stakes in key affiliates.
Samsung is also under suspicion of making big donations - a total of 20.4 billion won ($17.1 million) - to non-profit foundations of Choi Soon-sil charged with coercion and attempted fraud, in exchange for support from the presidential office for the merger. It is also suspected of offering illicit financial supports worth 22 billion won used for equestrian training of Choi’s daughter Chung Yoo-ra.
The investigators also raided the Bureau of Pension Policy at the Ministry of Health and Welfare, and house of former NPS chief Choi Kwang.
President Park was impeached for disgracing the state authority through illicit power abuse and now waiting for the Constitutional Court’s decision.
By Lee Hyun-jung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]