Attention is now being drawn to who chairman Park Hyeon-joo, although just 58 and in the prime of his life, will groom as his successor at Mirae Asset Financial Group. The founder, openly critical of the father-to-son transfers of control common in Korea’s large family-owned conglomerates, has said on multiple occasions that he will not pass down control of the group to his children. Local media paid keen attention, however, when Park Ha-min, Park’s eldest daughter, joined Mirae Asset Global Inv

[THE INVESTOR] South Korea will start an intensive investigation targeting dozens of individual and corporate offshore tax evaders who did not voluntarily pay taxes, the National Tax Services said on June 15. The NTS, the country’s tax authority, said that some 36 people are subject to the probe, including three or four suspects who hid assets in tax havens and were listed in the leaked files known as the Panama Papers. The crackdown comes as a six-month grace period offered by the tax agency en

Mirae Asset chief’s expansionist strategy draws mixed response

[THE INVESTOR] South Korean stocks fell for five straight sessions on June 15 as sentiment was down on the possibility over Britain leaving the European Union. Investors were also sitting on the sidelines ahead of the Federal Reserve‘s rate decision. The Korean won fell slightly against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 3.2 points, or 0.16 percent, to close at 1,968.83. Trade volume was at 371.5 million shares worth 4.49 trillion won ($3.82 billion), with loser

[THE INVESTOR] Korea’s Teachers’ Pension, the nation’s second-largest retirement pension, is preparing for its first foray into hedge fund investment this year, its chief investment officer told The Korea Herald. In an exclusive interview, Park Min-ho said the 13.1 trillion won fund was biding time for the move, as conventional stock and bond investments generate lackluster returns. “Many institutional investors turn to alternative investments now and the market has become more competitive. The

Regulators remain opposed to offshore currency exchange for market stability　

Investors express little interest in public companies under continued government control

Regulators remain opposed to offshore currency exchange for market stability　

[THE INVESTOR] With the Bank of Korea reducing its policy rate to a record low of 1.5 percent, interest rates paid by local banks have dropped to zero percent, which could mean negative returns on bank deposits when adjusted for price inflation, according to market observers on June 15. According to the observers, Citibank Korea has cut the annual interest rate on its savings accounts for companies to 0.01 percent from 0.1 percent. A 0.01 percent interest rate submits 1,000 won ($0.85) per year

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering’s current difficulties were fueled by neglect by its biggest shareholder Korea Development Bank, the Board of Audit and Inspection announced on June 15. According to the BAI, the state-run bank neglected its duty in monitoring the shipbuilder’s accounts and financial stability. The KDB holds 49.7 percent of DSME, making it the biggest shareholder as well as the shipbuilder’s main creditor. According to BAI, KDB did not analyze the shipbui

Han Seung-hee, a director general at the National Tax Service, announces Wednesday that the NTS had launched a probe into 36 suspects of offshore tax evasion who failed to report their financial statements. (Yonhap)

[THE INVESTOR] One of Korea’s largest civic groups will be lodging a complaint against the top management of construction and trading firm Samsung C&T, Samsung Electronics vice chairman Lee Jae-yong and the state pension fund, the National Pension Service, for malpractice and stock price manipulation in the merger of Cheil Industries and Samsung C&T in 2015.The People’s Solidarity for Participatory Democracy claimed Wednesday that the merger between Cheil Industries and Samsung C&T was made to b

[THE INVESTOR] Hanwha Total Petrochemical Co. announced on June 15 the completion of a large propane storage tank at its plant in Daesan, South Chungcheong Province. The tank has a storage capacity of 40,000 metric tons and will be used to store propane gas. Hanwha Total said that the large storage tank will enable it to respond effectively to changes in raw material prices. Liquefied petroleum gas consists mainly of propane and butane. In Korea, the gas is used for a wide range of purposes incl