Samsung emperor Lee Kun-hee might own a Maybach 62, but as the always entertaining Anna Fifield notes in the Financial Times, when Korea’s tycoons get into legal trouble, their preferred means of transportation is the wheelchair.
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18 Comments
“the always entertaining”?^^
Robert, have you ever met the lovely Ms. Fifield?
I believe we were introduced once.
Symptoms of the ‘bottom-dwelling-scum-sucking-invertebratitis’?
she’s kind’ve a take-no-prisoners-reporter. sharp and tough. have to respect her for the success she’s had here. i’m not sure that she has a tremendous grasp yet on what’s really going on in Korea (who does?) but perhaps that’s not surprising given the filter she’s working with. either way, i enjoy her perspective. i wish she’d answer my email, though.
(ok, off topic but, what are we writing that’s prompting all these ads to marry a filipina?)
I would imagine the word “lovely” is one of the triggers. Anna is a terrific reporter with, we can see, a good sense of humor.
“I would imagine the word “lovely” is one of the triggers.”
Are you trying to say that ‘Korea’ may be one?
Plenty of crooked Japanese pols and biz leaders turned to hospital garb and drip feeds for cameras when they got in trouble.
If the prosecuters have the balls to go after the “big-shots”, you think that they’d challenge the wheelchair bit.
Does anyone know how the prosecuters react in court (upon arrival of wheeled tycoon)? Any sarcastic comments, or at least some comment challenging the drama-queens?
I’m curious.
She will never understand since she is not Korean
Hmmm…corruption and Filipinas. I’ll take a shot and try to connect.
Poor guys just looks too healthy for his own good.
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.
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.
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.
MJW you can email me any time: anna.fifield@ft.com
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.
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?
“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.
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[...] 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: [...]