Comments on: Jaebeol Chiefs Get Rolling http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/ Korea... in Blog Format Tue, 2 Dec 2008 20:52:56 +0000 http://wordpress.org/?v=2.6.3 By: Korean Tycoons Love Wheelchairs « GUANO ISLAND http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-107326 Korean Tycoons Love Wheelchairs « GUANO ISLAND Fri, 14 Sep 2007 05:49:38 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-107326 [...] of the law. The FT article is subscription only but Ms Fifield was kind of enough to paste it into this Marmot’s Hole thread. As things get tough, S Korea’s bosses get rolling By Anna Fifield in Seoul — Published: [...] [...] of the law. The FT article is subscription only but Ms Fifield was kind of enough to paste it into this Marmot’s Hole thread. As things get tough, S Korea’s bosses get rolling By Anna Fifield in Seoul — Published: [...]

]]> By: babarian http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-107124 babarian Thu, 13 Sep 2007 16:04:52 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-107124 "Wouldn’t the national interest be better served by business leaders that behaved themselves and a legal system that treated all citizens equally?" Yes, it would be, but the problem is that the laws in Korea are often impossible to abide by, either because they're impractical or because they're contradictory to other rules and regulations. I think that may be the reason why Lone Star is in difficulties. “Wouldn’t the national interest be better served by business leaders that behaved themselves and a legal system that treated all citizens equally?”

Yes, it would be, but the problem is that the laws in Korea are often impossible to abide by, either because they’re impractical or because they’re contradictory to other rules and regulations. I think that may be the reason why Lone Star is in difficulties.

]]> By: anna http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106980 anna Thu, 13 Sep 2007 07:44:17 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106980 The article has gone subscription only but I am shamelessly pasting it in here for posterity: As things get tough, S Korea's bosses get rolling By Anna Fifield in Seoul Published: September 12 2007 03:00 | Last updated: September 12 2007 03:00 Wheelchairs seem to be the vehicle of choice for South Korean tycoons who find themselves in a spot of bother. Lee Kun-hee, the chairman of Samsung, last year rolled back into Korea in a shiny silver number. This was after suddenly travelling to the US just as prosecutors began an investigation into allegations that he had illegally passed his wealth on to his children. Mr Lee was never questioned aboutthe case, which seems now to have gone away. Chung Mong-koo, the boss of Hyundai Motor, was wheeled into court for his trial on charges of embezzling $100m of company money and breach of trust, also related to attempts to transfer the family business to his son. He last week had his three-year jail sentence suspended, with the judgesaying the country needed him back in the office. Kim Seung-youn, chairman of the Hanwha explosives conglomerate, yesterday went one better, showing up at court in not just a wheelchair but in hospital pyjamas as well. Only a few months ago, Mr Kim waswell enough to participate in a Godfather-style attack involving a steelbar, his bodyguards and some karaokeroom workers who were mean to hisson. However, yesterday his 18-month prison term for assault was also suspended. The Korean courts appear to believe that it is in the national interest to have these industrial giants continue to run their publicly listed companies, regardless of what they might get up to behind the scenes. Wouldn't the national interest be better served by business leaders that behaved themselves and a legal system that treated all citizens equally? The article has gone subscription only but I am shamelessly pasting it in here for posterity:

As things get tough, S Korea’s bosses get rolling
By Anna Fifield in Seoul
Published: September 12 2007 03:00 | Last updated: September 12 2007 03:00

Wheelchairs seem to be the vehicle of choice for South Korean tycoons who find themselves in a spot of bother.

Lee Kun-hee, the chairman of Samsung, last year rolled back into Korea in a shiny silver number.

This was after suddenly travelling to the US just as prosecutors began an investigation into allegations that he had illegally passed his wealth on to his children.

Mr Lee was never questioned aboutthe case, which seems now to have gone away.

Chung Mong-koo, the boss of Hyundai Motor, was wheeled into court for his trial on charges of embezzling $100m of company money and breach of trust, also related to attempts to transfer the family business to his son.

He last week had his three-year jail sentence suspended, with the judgesaying the country needed him back in the office.

Kim Seung-youn, chairman of the Hanwha explosives conglomerate, yesterday went one better, showing up at court in not just a wheelchair but in hospital pyjamas as well.

Only a few months ago, Mr Kim waswell enough to participate in a Godfather-style attack involving a steelbar, his bodyguards and some karaokeroom workers who were mean to hisson.

However, yesterday his 18-month prison term for assault was also suspended.

The Korean courts appear to believe that it is in the national interest to have these industrial giants continue to run their publicly listed companies, regardless of what they might get up to behind the scenes.

Wouldn’t the national interest be better served by business leaders that behaved themselves and a legal system that treated all citizens equally?

]]> By: ziffel http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106969 ziffel Thu, 13 Sep 2007 07:01:22 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106969 Can't comment on the article as I don't have a FT subscription. But really, why the need to go high tech with a wheelchair? Whatever happened to the good old days when these guys would step out of a shiny new black Granduer/Equus/...and then a get a piggy-back ride from the son? Wheelchairs just aren't as comically melodramatic. Can’t comment on the article as I don’t have a FT subscription.

But really, why the need to go high tech with a wheelchair?

Whatever happened to the good old days when these guys would step out of a shiny new black Granduer/Equus/…and then a get a piggy-back ride from the son? Wheelchairs just aren’t as comically melodramatic.

]]> By: anna http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106952 anna Thu, 13 Sep 2007 06:18:45 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106952 MJW you can email me any time: anna.fifield@ft.com MJW you can email me any time: anna.fifield@ft.com

]]> By: ecorn http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106861 ecorn Wed, 12 Sep 2007 23:15:39 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106861 The Maybach must be popular among off-to-jail-and-back-again executives in Korea. Before he got hauled off I used to see Chairman Kim getting into his after a long day of work at Hanwha. If he starts coming back to the office again I’ll try snap a photo, but I’m afraid that I may be doing so at the risk of life and limb, considering what landed him in jail in the first place. The Maybach must be popular among off-to-jail-and-back-again executives in Korea. Before he got hauled off I used to see Chairman Kim getting into his after a long day of work at Hanwha. If he starts coming back to the office again I’ll try snap a photo, but I’m afraid that I may be doing so at the risk of life and limb, considering what landed him in jail in the first place.

]]> By: yeolchae http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106807 yeolchae Wed, 12 Sep 2007 16:57:57 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106807 About a month ago I met a bespoke glassware designer who makes glasses for Lee Kun-hee and his family. Apparently he is a fan of customised designs. About a month ago I met a bespoke glassware designer who makes glasses for Lee Kun-hee and his family. Apparently he is a fan of customised designs.

]]> By: babarian http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106782 babarian Wed, 12 Sep 2007 15:04:59 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106782 I think Korea should change the laws to make it easy for successful business people to hand over their companies to their descendents, as they have done in other developed countries. The current Korean laws effectively take away the incentives for the businesses by making it so difficult to do so. The Ford family, the Bancroft family of WSJ, Walton family of Wal-Mart, and I’m sure there would be many others, all seem to be doing well with their businesses staying in their families. I think Korea should change the laws to make it easy for successful business people to hand over their companies to their descendents, as they have done in other developed countries. The current Korean laws effectively take away the incentives for the businesses by making it so difficult to do so. The Ford family, the Bancroft family of WSJ, Walton family of Wal-Mart, and I’m sure there would be many others, all seem to be doing well with their businesses staying in their families.

]]> By: seouldout http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106756 seouldout Wed, 12 Sep 2007 13:29:28 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106756 Hmmm...corruption and Filipinas. I'll take a shot and try to <a href="http://today.reuters.co.uk/news/articlenews.aspx?type=topNews&storyid=2007-09-12T045331Z_01_MNT000448_RTRUKOC_0_UK-PHILIPPINES-ESTRADA-SENTENCE.xml" rel="nofollow">connect</a>. Poor guys just looks too healthy for his own good. Hmmm…corruption and Filipinas. I’ll take a shot and try to connect.

Poor guys just looks too healthy for his own good.

]]> By: The Goat http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106753 The Goat Wed, 12 Sep 2007 13:19:40 +0000 http://www.rjkoehler.com/2007/09/12/jaebeol-chiefs-get-rolling/#comment-106753 She will never understand since she is not Korean ;) She will never understand since she is not Korean ;)

]]>