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Creation of illegal slush funds using borrowed-name accounts

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Frame of Image lso issued a sentence of 17-year imprisonment and a fine of 263 billion won against former President Roh Tae-woo for a set of similar crimes. He also held most of his properties in borrowed-name accounts, but contrary to former President Chun, showed strong interest in paying the fine. He notified the government the list of people who were managing the accounts on his behalf (media reports put together). Financial Supervisory Service filed a complaint to the prosecutor’s office charging Hyundai Heavy Industry, Hyundai Shipping, and two individuals related to Hyundai Group for engaging in stock price manipulation. The investigation at the prosecutor’s office, however, revealed that Hyundai Securities has been using a number of borrowed-name accounts to artificially inflate the stock price of Hyundai Electronics from May to November 1998 (Yunhap News, Sep. 1, 1999 and Sisa Press, Jun. 14, 2012). Samsung Group announced on June 29, 1999, that Chairman Lee Kunhee will donate 4 million shares of Samsung Life Insurance (20 percent of outstanding shares) to Samsung Motors, so that it can pay back its debt of 2.8 trillion won. This announcement, however, revealed that Chairman Lee was holding a significant number of Samsung Life Insurance shares using borrowed-name accounts. This was so because the most recent official filing showed that Chairman Lee owned only 1.87 million shares of Samsung Life Insurance (PSPD, Jul. 6, 1999). On January 19, Sohn Gil-seung, the Honorary Chairman of


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Title Creation of illegal slush funds using borrowed-name accounts
Similar Titles
Material Type Others
Publisher

[Seoul] : KDI School of Public Policy and Management

Date 2015
Series Title; No Knowledge Sharing Program: KSP Modularization
Pages 3
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI School of Public Policy and Management
License