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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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