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Korea Herald
5 days ago
- Business
- Korea Herald
HS Hyosung vice chairman to be quizzed in probe into ex-first lady
An heir to a major South Korean business enterprise, Hyosung Group, will appear for questioning next week by the special counsel over corruption allegations surrounding former first lady Kim Keon Hee, officials said. Cho Hyun-sang, vice chairman of HS Hyosung, has agreed to undergo questioning next Monday, officials with special counsel Min Joong-ki's team said. Cho is being called in as a person of interest, not a suspect. Min's team is investigating allegations that a man surnamed Kim, who has served as a "butler" for the former first lady's family, received 18 billion won ($13 million) in questionable investments in 2023 for his rental car company, IMS, from several firms, including Kakao Mobility Corp. The special counsel suspects that these companies made the investments due to the butler Kim's close ties to the former first lady. They are also looking into whether the funds were funneled to the former first lady as slush funds. Cho is one of several business figures the special counsel team plans to summon. The date for Cho's attendance was set in consideration of his business trip to Vietnam, running through the end of this week. Although they will be brought in as persons of interest, their status could change to that of suspects as the investigation progresses. The list also includes Kakao founder Kim Beom-su. Regarding media reports that Kim cited health reasons for declining to appear for questioning scheduled for Thursday, the special counsel said they have not received any such notice from him. (Yonhap)
Hans India
5 days ago
- Politics
- Hans India
South Korea: Special counsel raids shaman linked to ex-first lady Kim
Seoul: Special Prosecutor Min Joong-ki's team investigating various allegations involving former first lady Kim Keon Hee on Tuesday raided the office of a controversial shaman linked to her alleged acceptance of luxury gifts from a religious group three years ago. The team sent prosecutors and investigators to the office of shaman Jeon Seong-bae, also known as Geon Jin, in Yeoksam-dong, southern Seoul, in the morning to secure documents and computer files related to his suspected delivery of gifts to Kim. Jeon is suspected of receiving a diamond necklace and an expensive bag from a high-ranking Unification Church official between April and August of 2022, soon after Yoon Suk Yeol's election as president in March of the same year, and delivering the gifts to Kim, Yonhap news agency reported. The church official reportedly demanded some business favors from the Yoon government in return for the alleged gifts. Jeon has said he received the gifts but lost them all. The special counsel team has been investigating 16 criminal allegations against the former first lady, including her alleged role in stock price manipulation schemes and her alleged meddling in election nominations. Assistant Special Prosecutor Moon Hong-ju told reporters the team has filed for a warrant to detain Kim Ye-seong, a close acquaintance of the former first lady who it believes fled to Vietnam in April. "We take it that neither Kim nor his wife has any intention to return home voluntarily and appear (for questioning) as they have not reached out to the special counsel," Moon said. In the event a warrant is issued, Moon said the team will take steps to invalidate his passport. Kim Ye-seong, who is often dubbed the butler of the former first lady's family, is suspected of receiving 18 billion won ($13.1 million) in dubious investments from several companies through his rental car company IMS in 2023. --IANS int/bpd/rs
Korea Herald
6 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
6 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.
India.com
6 days ago
- Business
- India.com
Bad news for Narayana Murthy, Infosys to pay fine of Rs 10000000 for not providing…, IT company enters into…
Narayana Murthy (File) India's second-largest IT company, Infosys, has had one of its units fined in the United States. The penalty has been imposed on Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM. The Department of Financial Regulation (DFR) of the State of Vermont imposed the fine on IMS. The company is accused of failing to provide timely and accurate information during the investigation of a cyberattack that occurred in 2023. Additionally, IMS reportedly delayed informing affected individuals whose data was potentially compromised in the breach. Fine On Infosys Unit Infosys on Friday said its step-down subsidiary Infosys McCamish Systems and the US State of Vermont Department of Financial Regulation have entered into a 'stipulation and consent order' to resolve, without a hearing, the matter related to McCamish cyber incident. Within 30 calendar days of the entry of the Stipulation and Consent Order by the Commissioner, IMS is required to pay an administrative penalty of USD 125,000, the Bengaluru-headquartered IT company said in a BSE filing. 'In continuation to our statement dated March 14, 2025, we would like to update that on July 9, 2025, Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM limited (a wholly owned subsidiary of Infosys limited) and the State of Vermont (United States of America) Department of Financial Regulation (DFR) entered into a Stipulation and Consent Order,' it said. In simple terms, stipulation and consent order is a legal pact where parties agree to terms and conditions, to resolve or settle a case without more litigation. Infosys Plan To Settle Lawsuit Infosys filing further informed that DFR had alleged violations of the Vermont Security Breach Notice Act by IMS. This was on the ground that IMS failed to respond to the DFR's request for information in the course of the investigation into the cybersecurity event with timely and accurate information and records and failed to provide timely and accurate notice of the cybersecurity event to data owners. 'IMS has entered into the Stipulation and Consent order to resolve the matter without a hearing. The Stipulation and Consent Order specifically records that IMS does not admit the existence of the alleged violations as above,' it said. In March this year, Infosys had informed the stock exchanges that Infosys McCamish Systems reached an agreement to settle six class action lawsuits in the United States, in relation to 2023 cyber incident. (With Inputs From PTI)
