Grappling with the fallout: ex-official faces arrest; Samsung finalizes sale

Article Abstract:

The house cleaning in the South Korean government following its financial crisis continues with the prosecution of former finance minister Kang Kyong Shik. Kang Kyong Shik is accused of failing to do his duties as finance minister when he did not inform the government of the severity of the debt crisis as well as his coercion of two South Korean banks to provide loans to deeply-indebted companies. The South Korean debt crisis has forced many chaebols to sell-off their non-core operations, which was highlighted by the $572 mil acquisition of the construction-equipment division of Samsung Heavy Industries by Volvo Construction Equipment.

Administration of Urban Planning and Community and Rural Development, Construction machinery, Construction Machinery Manufacturing, Economic Development NEC, Mergers, acquisitions and divestments, Investigations, Economic development, Construction equipment, Construction equipment industry, Samsung Heavy Industries Company Ltd., Volvo Construction Equipment North America Inc., Kang Kyong Shik

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Government decides to call in IMF for $20 billion bailout

Article Abstract:

South Korea's announcement that it will seek aid from the International Monetary Fund to address the country's worsening financial troubles eased stock market apprehensions. According to Lim Chang Yuel, South Korea's new minister of finance and economy, the country may decide on a $20 bil package. However, economists project South Korea may eventually require an aid of up to $100 bil. After announcing the plan to seek aid, the won increased to 1,056 won to the US dollar, from 1,139 won.

Administration of General Economic Programs, Foreign Economic & Financial Assistance, International Monetary Fund, International aspects, International relations, Economic assistance, Foreign economic assistance, South Korean foreign relations

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Seoul is said to urge phone company to avoid buying foreign equipment

Article Abstract:

The South Korean government warned Shinsegi Telecomm Inc. against buying foreign-made equipment particularly from the U.S. Insiders say the government increased the pressure on Shinsegi after the U.S. threatened to impose sanctions on Seoul if its demands concerning telecommunications trade issues are not met. A Shinsegi spokesman, however, denied that the government is influencing the company's procurement decisions and said that Shinsegi is merely acting under government guidance.

Telecommunications, Telephone Communication, Purchasing, Telecommunications services industry, Telecommunications industry, Shinsegi Telecom Inc.

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