[THE INVESTOR]  The Fair Trade Commission said on Sept. 29 that it has decided to impose a 7.17 billion won (US$6.50 million) fine on CJ CGV, CJ Group’s multiplex theater chain, for illegal trading with an affiliate owned by an owner family member. The antitrust watchdog said it has found that JS Communications, an ad unit 100 percent owned by CJ Group Chairman Lee Jay-hyun’s younger brother Lee Jay-hwan, has enjoyed unfairly exclusive rights to handle CJ CGV’s ad sales since its establishment i

[THE INVESTOR] A group of 14 consumers on Sept. 28 filed a lawsuit against AmorePacific Chairman Suh Kyung-bae following the recent revelation that the beauty giant’s 11 toothpaste products contained toxic chemicals.The chemicals -- methylisothiazolinone and methylisothiazolinone -- were used in a preservative, called sodium lauryl sulfate, for the company’s popular Median and Songyeom toothpastes. Now all the products have been recalled from the market. AmorePacific Chairman Suh Kyung-bae speak

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering has avoided a forced exit from the stock market as South Korea’s bourse operator decided to give a year to the troubled shipbuilder to improve its financial health, Korea Exchange said on Sept. 28.KRX will allow the cash-strapped shipbuilder to maintain a listing during the grace period which ends on Sept. 28, 2017. Trading in DSME on the main KOSPI stock exchange will be halted during the period. Trading of the stock can be resumed if th

[THE INVESTOR] Samsung Electronics said on Sept. 28 it has completed an 11.3 trillion won (US$10 billion) share buyback program that was launched in October as part of its shareholder-friendly policies. The Korean tech giant said its four share repurchases and the cancellations have elevated the company’s stock price almost 20 percent over the past year.  Samsung Electronics Vice Chairman Lee Jae-yongAs of Sept. 26, Samsung shares traded at 1,568,000 won, which compared to 1,308,000 won on Oct.

[THE INVESTOR] Samsung Group is seeking Chinese talent to join its top consulting team Global Strategy Group. According to Korea Economic Daily on Sept. 28, the nation’s largest conglomerate recently held a recruiting event at top elite schools, including Beijing University, Xinghua University and China Europe International Business School. It is the first time that Samsung has held the event that used to be held in the US and Europe in China since Global Strategy Group was launched in 1997 unde

[THE INVESTOR] Some 50 top Samsung Group executives on Sept. 28 attended a special lecture on the global trend of shareholder activism and policies to respond to investors’ growing demands. The lecture was delivered by Goldman Sachs’ Korean chief Chung Hyoung-jin, following their weekly meeting held every Wednesday at the Seoul headquarters. The lecture was reminiscent of the highly publicized proxy battle between Samsung and the US activist hedge fund Elliott Management last year on the then pl

[THE INVESTOR] Lotte Group Chairman Shin Dong-bin on Sept. 28 appeared before a Seoul court where judges reviewed an arrest warrant request for him. Shin, 61, is facing embezzlement and breach of trust charges worth about 200 billion won (US$180 million) in a probe into the retail giant’s corruption and slush fund creation scandal. “I will respond to the judges sincerely,” he told reporters before entering the court. “I apologize to the public for causing concern.” Lotte Group Chairman Shin Dong

[THE INVESTOR] Hankook Tire, the nation’s largest carmaker, will be supplying original equipment tires to be equipped on Scania’s new trucks from November. With the latest deal, the carmaker is supplying tires to the world’s top three commercial vehicle manufacturers, including Mercedes-Benz and Volkswagen’s MAN Truck. Three key tire products -- e-cube Max, SmartFlex, SmartWork -- will be supplied for Scania’s truck models, including the premium R-Series vehicles.  Scania R-Series truckBy Lee Ji

[THE INVESTOR] South Korea’s Transport Ministry said on Sept. 28 it is starting a new round of recall of 110,000 vehicles with Takata’s air bag inflators that have been linked to deaths and injuries from the ruptures. According to the ministry, about 221,870 vehicles with Takata’s air bags that were produced and sold before 2011 should be recalled here.Since 2013, some 23,000 air bags have been recalled for safety defects as of the first half of this year. An additional 110,000 vehicles produced

[THE INVESTOR] LG Electronics is starting production at its electric vehicle parts plant in Nanjing, China, with the completion ceremony being held on Sept. 28, Donga Ilbo, a local news daily, reported. The new plant is located adjacent to LG Chem’s new EV battery plant whose production started in October last year with an annual production capacity for 50,000 full-electric vehicles. LG’s display-making unit LG Display is also operating a production line exclusive for automotive displays in the

[THE INVESTOR] SK Networks was selected as the preferred bidder for Tongyang Magic on Sept. 27.Four bidders including Hyundai Home Shopping had entered final bids. An unnamed finance industry official was quoted by local news outlets as saying that NH Investment and Securities informed SK Networks on Sept. 27, and that the official announcement will be made on Sept. 28.SK Networks is reported to have bid over 600 billion won (US$ 546.92 million) for Tongyang Magic. The three unsuccessful bids ar