Latest Samsung scandal gets hot-button treatment

It's no secret that Samsung and scandal have gone hand-in-hand in the past, but apparently, the latest one has been of particular significance in the firm's homeland. The most recent incident involves Kim Yong-chul, a former top Samsung lawyer, who went public this month with claims that Chairman Lee Kun-hee and other officials "masterminded a campaign to raise slush funds to pay prosecutors, judges and lawmakers and influence a high-profile court case." In response, independent prosecutors were called in to investigate the allegations of "bribery and policy manipulation," and not surprisingly, Samsung has reportedly fired back calling the proclamations "groundless and false." It should be noted that no "substantiating evidence" has been provided thus far, but analysts are already suggesting that these assertions, if proven legitimate, could even play a role in the nation's upcoming presidential election.

[Via BusinessWeek, image courtesy of Forbes]

[AJ in the East Bay @ Nov 16th 2007 9:19AM]

All Hail The Samsung!!

Just keep cranking out those LCDs, guys!

[seoultrain @ Nov 16th 2007 9:46AM]

What is it with Korean businessmen and scandals? Seems like every year or couple of years a high-ranking person in one of Korea's large companies gets caught doing something.

[tekdroid @ Nov 16th 2007 9:57AM]

Scamsprung?

[k0r34n @ Nov 16th 2007 9:59AM]

i know man. but that's just the way koreans are right now. if you get to know the culture, you'll find them to be rather unprofessional about business in many aspects :/

i'm korean. don't flame me

[stimr2 @ Nov 16th 2007 10:49AM]

This wouldn't happen if South Korea would make lobbying legal. Than the chaebols wouldn't have to create slush funds for their political interests. Also this scandal is politically driven by the ruling party. I'm hoping the conservative party wins the upcoming election. Many than the government would consider actually fixing the economy and helping the younger generation get jobs.

[kjb434 @ Nov 16th 2007 11:13AM]

Yes,

This is what happens when lobbying is made illegal. Lobby allows influence to be out in the open and subject to scrutiny. Making it illegal creates a breeding ground for corruption.

[David @ Nov 16th 2007 6:07PM]

That's funny. Institutionalized corruption is still corruption.