Latest news with #KakaoCorp.
Korea Herald
5 days ago
- Business
- Korea Herald
Arrest warrants sought for construction firm officials in case allegedly involving ex-first lady
The special counsel team investigating allegations involving former first lady Kim Keon Hee filed for warrants Monday to arrest four construction company officials over a stock manipulation case allegedly linked to her. The investigation team, led by special counsel Min Joong-ki, said it filed the warrants against Lee Il-jun and Cho Sung-wok, current and former chairman of Sambu Construction Co., respectively, along with a former vice chairman and a former CEO, on charges of violating the Capital Markets Act. It marks the first time arrest warrants have been sought by the special counsel team since it launched its investigation into allegations involving Kim earlier this month. The four executives are accused of allegedly duping investors into buying the firm's shares in 2023 on false information that it would take part in reconstruction projects in war-torn Ukraine, then selling off their shares at inflated prices to pocket massive illegal profits. The former first lady is alleged to have played a role in the scheme. Also on Monday, the special counsel team summoned the founder of Kakao Corp. and executives of several other companies for questioning over an investment scandal linked to one of Kim's aides. Kakao founder Kim Beom-su; vice chairman of HS Hyosung Corp. Jo Hyeong-sang; former president of the Korea Securities Finance Corp. Yoon Chang-ho; and former Daou Kiwoom Group Chairman Kim Ik-rae were told to appear for questioning at 10 a.m. Thursday. The scandal centers on allegations that a man surnamed Kim, who served as a "butler" for the former first lady's family, had reportedly received 18 billion won (US$13 million) in illegal investments from several companies, including Kakao Mobility Corp., for his rental car company, IMS, in 2023. The special counsel suspects that the funds invested in IMS may have been funneled to the former first lady in the form of slush funds. The executives were summoned as witnesses in the case, though their status could change to suspects depending on the outcome of the probe, officials said. "We will begin questionings of top decision makers of the companies (involved) ... this week to swiftly find the truth behind the so-called 'butler gate' and prevent the destroying of evidence," assistant special counsel Oh Jung-hee said in a regular press briefing.
Korea Herald
5 days ago
- Business
- Korea Herald
Special counsel summons Kakao founder, others for questioning in probe into ex-first lady
The special counsel team investigating allegations involving former first lady Kim Keon Hee on Monday summoned the founder of Kakao Corp. and executives of several other companies for questionings over an investment scandal linked to one of Kim's aides. The investigation team, led by special counsel Min Joong-ki, said it summoned Kakao founder Kim Beom-su; vice chairman of HS Hyosung Corp. Jo Hyeong-sang; former president of the Korea Securities Finance Corp. Yoon Chang-ho; and former Daou Kiwoom Group Chairman Kim Ik-rae to appear for questioning at 10 a.m. Thursday. The scandal centers on allegations that a man surnamed Kim, who served as a "butler" for the former first lady's family, had reportedly received 18 billion won (US$13 million) in illegal investments from several companies, including Kakao Mobility Corp., for his rental car company, IMS, in 2023. The special counsel suspects that the funds invested in IMS may have been funneled to the former first lady in the form of slush funds. The executives were summoned as witnesses in the case, though their status could change to suspects depending on the outcome of the probe, officials said. "We will begin questionings of top decision makers of the companies (involved) ... this week to swiftly find the truth behind the so-called 'butler gate' and prevent the destroying of evidence," assistant special counsel Oh Jung-hee said in a regular press briefing. Oh said the investigation team also plans to seek arrest warrants for four key suspects connected to a stock manipulation case involving Sambu Construction Co. later in the day, including a former chairman and the current chairman, on charges of violating the Capital Markets Act. The case centers on allegations that company officials duped investors into buying the firm's shares in 2023 on false information that it would take part in reconstruction projects in war-torn Ukraine, then sold off their shares at inflated prices to pocket massive illegal profits. The former first lady is alleged to have played a role in the scheme.
Korea Herald
11-06-2025
- Business
- Korea Herald
OpenAI CSO Kwon to visit S. Korea for AI partnership: sources
Jason Kwon, Chief Strategy Officer of OpenAI, will visit South Korea on Thursday for the second time in just over two weeks to explore partnerships in the artificial intelligence sector, industry sources said Wednesday. His upcoming visit comes just a week after the inauguration of President Lee Jae-myung, who has pledged to make South Korea one of the world's top three AI powerhouses through a 100 trillion-won ($73 billion) national investment initiative. During his previous visit on May 26, Kwon said OpenAI has established a Korean subsidiary and plans to open its third Asian office -- following Tokyo and Singapore -- in Seoul in the coming months. The move is part of OpenAI's broader global expansion. The developer of ChatGPT has launched 11 new offices in major cities in recent years, including Paris, Brussels, Singapore, London, Dublin and Tokyo. "OpenAI considers South Korea a key partner due to its high level of engagement with our services and sees strong potential for collaboration with Korean companies," an OpenAI official said. South Korea ranks among the top 10 countries globally in terms of ChatGPT users and developers using OpenAI platforms. In particular, it has the second-largest number of paid ChatGPT subscribers, following the United States. Even before formally entering the Korean market, OpenAI has collaborated with several major Korean companies, including internet giant Kakao Corp., game developer Krafton Inc. and mobile carrier SK Telecom Co., on AI technologies and data center development.
Korea Herald
13-03-2025
- Business
- Korea Herald
Kakao founder leaves top management body, reportedly diagnosed with cancer
Kim Beom-su, the founder of Kakao Corp., is resigning from his position as co-chair of the company's top decision-making body for health reasons, the company announced Thursday. Local reports said that the 58-year-old who launched the now-ubiquitous messenger app KakaoTalk in 2010 has been diagnosed with early-stage bladder cancer. According to Kakao Corp., Kakao CEO Chung Shin-a will serve as the sole chair of the company's Corporate Alignment Council. Kim, however, will remain part of the company, leading Future Initiative Center to guide the company's long-term strategy and objectives, it said. "With CEO Chung already leading key company initiatives, Kim's departure is expected to have minimal impact on Kakao's overall management," an official said. The Kakao founder is currently on trial for alleged stock price manipulation related to Kakao Entertainment's acquisition of SM Entertainment, with allegations that he interfered with a competitor's public tender offer.
