my timesThe Korea Times
BusinessBanking & Finance

Banking & Finance

KCGI opposes Hanjin's transfer of management control

KCGI CEO Kang Sung-booBy Jhoo Dong-chanThe Korea Corporate Governance Improvement (KCGI) has put the brakes on Hanjin Group's leadership succession where incumbent Chairman Cho Won-tae took over the group's management reins after his father, former Chairman Cho Yang-ho, passed away on April 8. According to Hanjin KAL, Hanjin Group's holding company, the KCGI has requested the Seoul Central District Court to designate an inspector who will look into the firm on May 29. The KCGI is the holding company's second-largest shareholder.The private equity fund (PEF) led by CEO Kang Sung-boo has demanded a thorough inspection into whether Hanjin's succession process was made legitimately under related law.“If the succession was not legitimate or has yet to be completed though board meetings, the firm shouldn't use the chairman title to address Cho Won-tae,” the KCGI said.Under the 2011 Revised Commerce Act, a shareholder can ask the court to assign an auditor to investigate whether management's moves and decisions are in line with corporate and statutory mandates. A court could pro

Jun 5, 2019By Jhoo Dong-chan
KCGI opposes Hanjin's transfer of management control

Large delinquent taxpayers to be put behind bars

Lee Eung-hang, the National Tax Service's deputy commissioner, speaks about measures to toughen the crackdown on habitual and large tax delinquents, at the Seoul Government Complex, Wednesday. / YonhapBy Kim Bo-eunThe government will implement a system under which habitual and large delinquent taxpayers who lead lavish lifestyles will be imprisoned for up to 30 days.The National Tax Service (NTS) unveiled these measures in a briefing held Wednesday."We decided to toughen measures for habitual and large tax delinquents based on public outrage against them, as they lead lavish lifestyles as well as enjoy welfare benefits while hiding their assets," NTS Deputy Commissioner Lee Eun-hang told reporters in a briefing held at the Seoul Government Complex.The measures intend to bring down the amount of delinquent taxes, as data showed in an annual audit last year that the delinquent tax from 2004 to 2017 amounted to 102.6 trillion won, only 1.1 percent of which was collected.The government is seeking to imprison tax delinquents who have failed to pay taxes over three occasions, for whom a ye

Jun 5, 2019By Kim Bo-eun
Large delinquent taxpayers to be put behind bars

Disappointing 'Arthdal Chronicles' pulls down Studio Dragon share prices

 By Jhoo Dong-chanThe share price of Studio Dragon nosedived nearly 10 percent Monday, the day after cable channel tvN's TV series “Arthdal Chronicles” premiered over the weekend.A total of 54 billion won ($45.7 million) was invested in the production of the show, and Studio Dragon is its production company.Despite its star-studded cast, including movie stars Jang Dong-dung and Song Joon-ki, and much anticipated cutting-edge computer-generated imagery, “Arthdal Chronicles” failed to meet not only viewers' but also investors' expectations.According to the Korea Exchange, the share price of Studio Dragon closed at 66,900 won on the Monday, down 9.35 percent from the previous session. It was the firm's lowest figure over the year. The share price of CJ ENM, its parent company, also dipped 2.4 percent on the day.“It has been one of the most anticipated TV shows of the year with its star-studded cast and huge production budget,” said Meritz Securities researcher Lee Hyo-jin said. “However, these do not guarantee higher viewer ratings. We need

Jun 4, 2019By Jhoo Dong-chan
Disappointing 'Arthdal Chronicles' pulls down Studio Dragon share prices

KB Card, Wadiz forge ties for new biz

KB Kookmin Card CEO Lee Dong-cheol, right, with Wadiz CEO Shin Hye-sung after forging strategic ties at KB Card's headquarters in Seoul, Tuesday. Courtesy of KB Kookmin CardBy Park Hyong-kiKB Kookmin Card has forged an alliance with Wadiz, a local crowdfunding platform, to develop new businesses with startups, the two companies said Tuesday.They will also launch a 1 billion won ($850,000) venture capital fund to invest in fintech startups. KB Kookmin Card said the startups will be able to use the card company's infrastructure to build and commercialize their businesses using big data.The card firm and Wadiz will also support them to market their products and services. The startups will be able to use Wadiz's platform to attract investors and finance their commercialization, the crowdfunding firm said.This comes after KB Financial Group launched an innovation committee that will serve as its control tower for innovation and investment.

Jun 4, 2019
KB Card, Wadiz forge ties for new biz

Fintech firms seek smooth entry to insurance market

getty imagesbank By Jhoo Dong-chanAn increasing number of fintech firms are seeking a soft landing in their advance into the nation's insurance market.Different from domestic insurers' conventional sales approach, these firms said they will actively utilize their online platforms to attract a new pool of customers.There are already numerous mobile apps allowing customers to compare the prices and coverage of insurance packages from different insurance companies.Domestic insurers said it will be difficult for them to expand their presence, referencing the nation's saturated insurance market and the financial regulator's strengthening of related insurance rules, but customers welcome their entries.KakaoPay, a fintech unit of the nation's largest messenger platform KakaoTalk, said it will start selling insurance products from the second half of the year.“We are also reviewing our plan to launch our own general agencies (GAs) to sell insurance products online,” KakaoPay

Jun 4, 2019By Jhoo Dong-chan
Fintech firms seek smooth entry to insurance market

Shinhan, KB chairmen on the move overseas

By Kim Bo-eunKB Financial Group Chairman Yoon Jong-kyooShinhan Financial Group Chairman Cho Yong-byoungThe chiefs of Shinhan and KB financial groups are traveling overseas to meet investors, find new business opportunities and build networks.Shinhan Financial Group Chairman Cho Yong-byoung is in Australia for meetings with investment bank and financial services company Macquarie Group.Cho is known to have scheduled a meeting with Macquarie Group CEO Shemara Wikramanayake, but Shinhan declined to provide details. He appears to be seeking information about the management of Macquarie's investment banking and pension businesses for potential projects for Shinhan.A meeting with Platinum Asset Management is also included in his itinerary. Platinum Asset Management became a Shinhan investor after Cho visited Australia last June. Cho also met with investors in the U.S. and Canada in April, and in Japan in May.KB Financial Group Chairman Yoon Jong-kyoo, meanwhile, has focused on global forums to build networks.Yoon attended the International Monetary Conference held June 2 to June 4 in Paris

Jun 4, 2019By Kim Bo-eun
Shinhan, KB chairmen on the move overseas
previous page
480481482483484
next page

Most Read in Business