Authorities investigate Sungdong Shipbuilding for bribery of former South Korean president

Authorities investigate Sungdong Shipbuilding for bribery of former South Korean president

South Korean authorities have started investigations into a bribery scandal that involving the former South Korean president Lee Myung-bak, Woori Financial Group and Sungdong Shipbuilding.

The prosecution has been questioning Lee Pal-seung, the former chairman of Woori Financial Group, over allegations he offered more than KRW2bn ($1.8m) in bribes to former President Lee Myung-bak in 2008, with it being alleged that KRW800m of the amount was from Sungdong Shipbuilding.

The prosecutors suspect that the money was offered to the ex-president through his son-in-law Lee Sang-joo, a senior executive at Samsung Electronics, before and after Lee Myung-bak was elected president, in exchange for favors.

Sungdong Shipbuilding & Marine Engineering, once a top 10 yard globally, now stands on the brink of liquidation due to a financial crisis.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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