Samsung execs called for questioning in continuing corruption probe
By Ryan Block 
posted Mar 1st 2008 4:34PM
posted Mar 1st 2008 4:34PM
We haven't heard too much lately about the South Korean government's probe into the Samsung Group's alleged corruption and influence in the government, but the AP is now reporting those bribes were emanating from a $213 million slush fund the company supposedly set for use in swaying government officials. Various executives have been in and out of questioning with special prosecutors, including Samsung vice chairman Lee Hak-soo, top strategic planner Kim In-joo, and the chairman's son, Lee Jae-yong, who is an executive and apparently viewed as the eventual successor to the company when his father, Lee Kun-hee, hangs up his money-stuffed envelopes. Apparently dirty deeds can't be done dirt cheap anymore, but they can still be done when you're the top consumer electronics manufacturer in the world.
I giggled at slush.
Scamsprung, I hear Steorn would love some of that slushfundage. Please give our good friends at Steorn the proper bearings to save the world.
Their second demonstration has been delayed a good 8 months. Obviously something's up.
http://www.steorn.com
http://www.steorn.com/news/releases/?id=1001
;)
Heehee, Slush.
Are you one of the people you also can't see the difference between NORTH dakota and SOUTH Dakota?
Seems like it'd be okay to operate under the assumption that if a large company is making money, they're doing something illegal/immoral
...and that until we hear otherwise, we just have to make that assumption. Maybe corporations should be considered guilty until proven innocent. (though they really don't really deserve to have the same rights as citizens to begin with...)
No wonder our country is going down the toilet with ignorant tools like this.
What people don't understand is that things don't work in the world like they do (or appear to do) in the U.S. Foreign governments, in particular, in Asia...are inherently full of graft. In essence, it's like the U.S. lobbying system but through in a little touch of the godfather and good old fashioned Dewey-style politicking. What you are seeing here, is the biannual thrashing of the supporters of the previous administration that got voted out of office. It's essentially a daily ritual in Korea, Taiwan, Malyasia, etc where corruption is not so much a crime as it is part of the political process. Now before you get too high and might, consider that how many congresmen have been charged with bribes this year... also consider that most of these Asian countries have been democratic for less than thirty or forty years. Exactly how smoothly were things running in the U.S. in 1810 or 1820? How about the Harding administration in the 1920s? I'm just saying....!
Hey, maybe he stopped reading the news before WW2.
Engadget is continuing to white-wash the Samsung investigation by describing it as "government corruption" scandal.
The main issue at hand is the fact that Lee and his family, which own less than 3% of the Samsung conglomerate, EMBEZZLED hundreds of millions of dollars, possibly billions, from the company.
The embezzled money was then used to purchase expensive artworks anonymously through myriads of paper companies.
Several multi-million dollar artworks bought at Christie's and Sotheby's by "anonymous buyer" in last several years have been found at the vault of Lee's private gallery. (e.g. Roy Lichtenstein's "Happy Tears")
Issue here is not "government corruption." It's THEFT of shareholder money by the management.
Please. Whitewash? All we have to go on is what we the newswires dig up -- we don't have a team of Korean editors hot on the case over there. You seem to have plenty of information though. How about you qualify some of your claims and maybe we've got a story here?
Right off the AP article Engadget linked:
"An independent counsel has been looking into alleged wrongdoing at Samsung since last month after a former top attorney for the conglomerate spoke out late last year. Kim Yong-chul claimed the conglomerate created a $213 million slush fund to bribe government officials, judges and prosecutors and _purchase works of art_."
And Engadget's sister blog Luxist:
http://www.luxist.com/2008/01/05/corporate-art-or-corporate-scandal-for-samsung/
More info here:
http://www.ft.com/cms/s/0/84df8796-d678-11dc-b9f4-0000779fd2ac.html
http://www.belfasttelegraph.co.uk/news/world-news/article3315350.ece
it's not evident from what's known now that the artwork was for personal use. it's possible that the art pieces were themselves "slush," i.e., high-value pieces to be used for bribery, for wowing government officials in private dinners, even for investment value. i really don't know, but personal use is really just one possibility, and, it seems to me, a possibility lower on the likelihood scale. my opinion.
note to self: read links before replying. nevermind, at least one of the articles states the art pieces were bought for personal use.
Booooring! Wake me up when something that people give a shit about is brought up.