Wednesday, November 07, 2007

Corruption: Samsung bribes scandal

The former director of Samsung Group's legal department, has said some of the currently most senior public prosecutors have taken money from Samsung. Kim Yong-chul allegations are capable of embarrassing Korea’s biggest conglomerate and judicial authorities.

Kim recently held a fresh press conference together with the Catholic Priests' Association for Justice at Jeki-dong Catholic Church in Seoul. "While working for Samsung, I took care of scores of senior public prosecutors,” he said. He claimed he delivered between W5 million (US$1=W908) and tens of millions of won every Lunar New Year's Day, Chuseok and during summer vacation.

He said, “Public prosecutors are a small group managed by Samsung. The Ministry of Finance and Economy and the National Tax Service, with which Samsung shares interests, are much bigger groups managed by Samsung."

Kim claimed the source of the bribes were slush funds raised by Samsung's affiliates. "Samsung holds many accounts in the borrowed names of executives and staff that contain slush funds. I still have a list of some Samsung executives who hold such accounts," he added.