Word: chungli
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...waving crowd of 3,000 supporters at a hotel in downtown Seoul, former Prime Minister Kim Jong Pil, 61, indicated that he too would seek the presidency, as the nominee of a party he would form later this month. A chief architect of the 1961 coup that brought Park Chung Hee to power, Kim Jong Pil is generally credited with forging economic policies that helped make Park's 18-year regime the crucible of a remarkable burst of development. The ex-Prime Minister said he was running in order to "take the judgment of the electorate" on the Park years...
...found. The entrepreneur from Taejon, 100 miles south of Seoul, owed 220 people more than $10 million. She was last seen in mid- August, when 13 of her employees severely beat two creditors who had tried to collect money owed them. Even Park's husband Lee Kee Chung did not seem to know where...
Plagued by the same labor disputes that have crippled the South Korean economy over the past month, Chung had refused to meet with his employees' newly formed unions and promptly shut down seven of his conglomerate's 24 companies. Among the shuttered enterprises: Hyundai Shipbuilding & Heavy Industries, with 24,000 workers, and Hyundai Motor, with 23,000. More than 60,000 employees in the southeastern city of Ulsan were locked out. Trying to rally near one factory, 20,000 workers clashed with riot police. A day later, 40,000 strikers and supporters staged a twelve-hour demonstration in and around...
Fearing further escalation, the government dispatched a negotiator to meet with Chung and union leaders. It marked the first time that Seoul has intervened since the wave of strikes began in July. After a session of several hours, Chung agreed to recognize the new unions, promised to conclude wage talks by Sept. 1 and reopened his plants. In Seoul, teary-eyed labor representatives toasted their boss with beer and serenaded him with the company song...
...prospect of the country's second largest conglomerate's shutting down indefinitely stirred Seoul into direct action. Hyundai produces the Excel, a subcompact popular in the U.S. and one of the most potent symbols of South Korea's economic coming of age. Though Chung denies that he caved in to government pressure, he admits that his initial refusal to negotiate was wrongheaded. "I thought they ((the union leaders)) were too young and inexperienced with company affairs to represent all the workers," says the 71-year-old Chung. "After I met with them personally, I found out I had been wrong...