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...copy of an indictment obtained by Time, an influential businessman named Lee Young Roh visited a posh sashimi restaurant in the port city of Pusan on Dec. 19 (the day of the presidential elections). There, he allegedly held a secret dinner meeting with Sohn Gil Seung, CEO of the SK oil and telecom conglomerate. The businessman told the SK chief he should contribute nearly a million dollars to help repay Roh's presidential campaign debts, prosecutors allege. In return, Lee Young Roh promised, SK would get help from the new administration if the company "faced any problems," according...
...phase of an infrared-enabled payment system, which will include 1,000 merchants and 10,000 consumers. Peddlers of the technology have gained an even greater foothold in South Korea, a cell phone--obsessed society in which wireless providers are competing for market share with hot technology. The leader, SK Telecom, has already sold 370,000 enabled handsets and should have reader technology installed at 400,000 stores by year-end. SK has only 30,000 subscribers, but, as with store value cards, the idea has viral growth potential. "M-finance is still in its infancy," says Natasha Tan, research...
...questioning in a widening political-finance scandal. (It was the allegations against Choi, who resigned in August, that prompted Roh's surprise plea on Friday for the people's trust.) Prosecutors suspect Choi collected $1 million from a political slush fund allegedly set up by the giant SK conglomerate. Choi, who has denied the charges, is a high school friend of Roh and is so close to the President that he is known as "the Butler...
...banking industry pocketed record earnings last year, Morgan's fell 7%, to $1.46 billion. Derivatives are partly to blame. Morgan last year declared it had $659 million in nonperforming assets, 90% of which were defaults from Asian derivative counterparties. Among the defaulters were three South Korean companies, led by SK Securities, which early this year refused to pay $490 million that Morgan claims it is owed...
...this case, SK Securities entered into a currency-swap deal with Morgan in early 1997 whereby SK Securities in effect borrowed U.S. dollars and invested them in Thai baht. But within a year the baht plunged in value, from 25 to 48 to the dollar, and the Korean firms couldn't cough up the dollars to repay Morgan. They subsequently sued Morgan in New York and in South Korea, claiming they weren't properly advised of the risks associated with derivatives...