Offering news and business analysis for the design engineer, Managing News Editor Suzanne Deffree filters the electronics industry's developments and trends to explain how what's happening in the board room today can impact the tech innovation of tomorrow. Follow Suzanne on Twitter, @Deffree. Suzanne also manages EDN's Twitter account, @EDNMagazine.
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Monday, November 26, 2007
Samsung slush fund: sludge or substance?
Nov 26 2007 10:51AM | Permalink |Comments (6) |
Kim Yong-cheol, a former top legal affairs official from 1997 to 2004 at Samsung Group, continues to make allegations about the company, most recently claiming that it set up a $215 million (200 billion won) slush fund to bribe influential figures that include judges, prosecutors, politicians and lawmakers.
His claims are being taken seriously in South Korea, where the National Assembly approved legislation to open an independent investigation into the allegations. According to reports, a similar probe already launched has been compromised by Kim’s claims that some of the nation's top prosecutors took bribes.
Samsung, of course, is denying such a slush fund, telling the Associated Press that the allegations are “nothing but a repeat of false, distorted and exaggerated claims.” Samsung also said it is planning legal action against Kim because of the allegations.
The National Assembly legislation will have to get President Roh Moo-hyun’s approval before such an investigation can begin, but his office can veto it as state prosecutors have already launched a probe. If President Roh Moo-hyun’s office does veto the bill, expect further allegations to fly. Samsung had been accused of improperly sending the president money as a congratulatory gift for his 2002 election win; Roh has denied this.
Electronic News could not reach Samsung for comment by press time.
What are your thoughts? Is this a case of an ex-employee slinging mud or is there substance to Kim’s claims? Post your comments below.
--Suzanne Deffree, Managing Editor, News
For more on this news see:
Legal insider says Samsung kept $216M slush fund
Ex-Samsung official says firm kept a slush fund
Samsung Group raised W200B slush fund
Reader Comments
at 11/26/2007 1:06:51 PM, Concerned said:
If it walks like Duck, it sounds like a Duck and it smells like a Duck, then it's most likely a Duck.
Samsung has a long well known history of using payola, and threats to obtain what they want done. Samsung was started by the same cartel like family that controls it now. I see no reason to think that they will change there mode of operation.
at 11/26/2007 4:55:44 PM, Stupefied said:
According to allegations it seems that everyone of importance in Korea has somewhat been bribed by Samsung. Can there be justice in such a case when digging inevitable accuse the ones investigating? Foreign shareholders of Samsung must have some opinion on this subject especially when recent news accused that Lee family of using company money to enrich themselves.
at 11/27/2007 11:46:25 AM, eyeseeit said:
basic biz practice of a chaebol includes the use of dash money to expedite approvals and acceptance of its products, usually done through a slush fund; US Law unfortunately prohibits the use of bribes to gain influence, a clear disadvantage to those of us that abide by the rules.
at 11/30/2007 9:36:22 AM, anon said:
Years ago as a Samsung customer, we were treated to $150 glasses of Port wine and offered women when visiting Seoul. A culture of corruption, the allegations don't surprise me at all.
at 4/11/2008 3:03:22 PM, Blinking said:
To me it seems like western conspiracy to create a turmoil
and anarchy in asia, like they r doing everywhere else
to create advantage for their industries.
So asians, beware of these sick wolves and dark forces.
at 6/17/2009 4:51:19 AM, SAMSUNG said:
Hi,
Well any handset of Samsung mobile phone company have its own function of opening and opening menu.
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