Korea Times: Prosecution raids Samsung, state pension service
If the prosecutors can find evidence of outside influence in the Pension Fund's casting vote on a Samsung merger, then the President is probably looking at 10 years to life imprisonment, which is what many Koreans are demanding. That is the penalty for 3rd party bribery involving over 100 million won (about $9 million).
In addition to donations to two questionable foundations, Samsung was the only group to donate money to another company owned by Choi Soon-sil, which she embezzled after changing the company name and to the Korea Equestrian Federation. The embezzled money was used to buy a hotel, house a million dollar horse, training and expenses for Choi Soon-sil's daughter. Samsung also pledged to donate around $20 million more in preparation for the Olympics to the Equestrian Federation.
Around the same time, Samsung was trying to push a merger of two companies in order to pass on control of the group to the present vice-Chairman, Lee Jae-yong. The Korean National Pension Fund controlled shares of one of the companies. Many were opposed since the merger would undervalue the worth of the company shares. The Korean National Pension Fund has lost over several hundred million dollars in the deal up to date due to the low share exchange rate used in the merger.
The merger was between Samsung Trading and Cheil Textiles (Samsung Company, many companies named Cheil are Samsung) in 2015.
The merger was between Samsung Trading and Cheil Textiles (Samsung Company, many companies named Cheil are Samsung) in 2015.
When any major deal goes down, then there are studies, meetings and approvals. If the decision was due to outside pressure, there surely will be evidence to prove this.
The firm consulting the National Pension Fund just announced that they recommended against the merger.
The firm consulting the National Pension Fund just announced that they recommended against the merger.
The Korea Horseracing Authority let Choi Soon-sil use its facilities free of charge, which is unheard of. The president of the federation is an ex-Samsung president, I think.
At the Chaum Hospital, they are reportedly telling staff to delete files.
The Chaum Hospital and a related company is allegedly to have received special favors from President Park. Park frequentely visited the hospital and spa without paying before she became President. She continued to receive prescription by sending her friend, Choi Soon-sil, in her place, according to hospital records.
Another damning case is the Lotte Group. They had already donated to the questionable foundations, but the President allegedly asked the Lotte Chairman to donate another 7.5 billion won (a little less than $7 million) to one of the foundations. Lotte did, but one the day before a search warrant at Lotte, the foundation returned the money.
Everyone suspects a senior presidential aide, Woo Byung-woo informed another aide, Ahn jong-bom, who called the foundation. The foundation called Lotte and said they were returning the money because the land they wanted to purchase was not available or some story like that.
So, the prosecutors should find something. The underlings always have that "it's not my job" mentality which helps greatly.
Another damning case is the Lotte Group. They had already donated to the questionable foundations, but the President allegedly asked the Lotte Chairman to donate another 7.5 billion won (a little less than $7 million) to one of the foundations. Lotte did, but one the day before a search warrant at Lotte, the foundation returned the money.
Everyone suspects a senior presidential aide, Woo Byung-woo informed another aide, Ahn jong-bom, who called the foundation. The foundation called Lotte and said they were returning the money because the land they wanted to purchase was not available or some story like that.
So, the prosecutors should find something. The underlings always have that "it's not my job" mentality which helps greatly.