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Ruthless-Non-Jewish Samsung Wins

Samsung has won the merger war:

. . . C&T shareholders approved the contested merger, with almost 70% voting in favour. (Earlier in the day Cheil’s shareholders had voted unanimously to pass the bid.) (cite)

Samsung did everything it could do to win:

Watermelons and walnut cakes were hand-delivered to shareholders’ homes; text messages implored them to toe the line. Solemn front-page advertisements, which ran in almost every local newspaper this week, put forward an “earnest plea to shareholders.

however, nothing stays the same:

Whatever the legal outcome, Elliott’s continuing defiance will be an irritant to Samsung and the Lee family. Its protest—a rare challenge by a foreign activist fund to South Korea’s biggest business group—has stirred public debate in the country about its corporate-governance standards, at a time when disenchantment with the families that own its large corporations, or chaebol, is growing. Local minority shareholders have rallied in online communities over the past six weeks. Many hoped C&T’s biggest single investor, South Korea’s National Pension Service (NPS), would oppose the bid—just as it did recently with a similar in-house merger at another chaebol, SK Telecom. However, the NPS appears to have cast its vote in favour this time.

Other “ants” or smaller shareholders, such as Grace Jeon had plenty to say about the merger:

Grace Jeon, a 53-year-old freelancer from the city of Ilsan, is one of those shareholders (ants). . . Ms. Jeon said in an interview ahead of the vote that she planned to oppose the merger, which she called an attempt to push through family succession over the best interests of small shareholders.
“This merger is for Lee Jae-yong, by Lee Jae-yong and of Lee Jae-yong,” she said in an interview, referring to the 47 year-old son of Samsung chairman Lee Kun-hee. She added that foreign shareholders deserve the same rights. (cite)

One commenter in the Economist article raised issues with how Samsung had conducted its campaign, based on what amounts to Samsung’s sponsored libel against Elliot Partners and Jews, in general:

The ugliness is, in part, that Samsung resorted to blunt hateful Jew-hating cartoons posted on C&T’s own website depicting Elliott’s Jewish CEO as a vulture. And Samsung refused to acknowledge, let alone stop this until a NY Observer story was picked up by the AP and spread around the world. Only then did the company issue a standard retraction. Samsung also appears to be behind a campaign pushed by a company called Mediapen whose former head and large shareholder is a deputy minister in the South Korean government, which included their own materials and enlisted columnists and TV to write about “ruthless” Jewish money. This campaign includes saying that Jewish “money” controls Institutional Shareholder Services Inc., a US shareholder advisory service – which conveniently of course ignores the fact that the Korea Corporate Governance Service advised against the deal.
So the lesson for me, other than not buying Samsung products, is that the Lee family is ruthless though they are not Jewish.

Of course I really hope the commenter is not living in Korea since he might have a problem with such a litigious and ruthless-non-Jewish company as Samsung.

Update:

S.Korea pension advisory committee says regrets being bypassed on Samsung:

The advisory committee on Friday requested that the fund
revise its internal rules and regulations to minimise potential
controversy on future decisions, without elaborating further.

Would they have recommended against this merger since the board had already made up their minds before the vote?

The Dry Spell Is Over – Mikkeller Seoul

m04Like me, so many people have complained about having really poor or few choices when it comes to beer in Seoul.

Though domestic mass-brewed beer might be fine for going with some Korean food, it really puts one off. Very recently, much has changed thanks to the growing body of Korean brewers, who will eventually challenge and exceed American craft beer makers in terms of excellence and quality. Though I like domestic brewers such as Hand & Malt, Pong Dang, Barbarrossa’s Wiezen beer and some of Magpie, finally having a craft beer such as Mikkeller fully represented and on tap here is a dream come true.

m03Other than some local brew pubs (Pong Dang Craft Beer Co., SKim45º, etc.) whose brewers are gaining in quality gradually, there is a new branch of the Swedish Mikkeller microbrewer now in Seoul. Mikkeller has only a few locations in the world; in  Sweden, San Francisco, Bankok and now here. Mikkeller is a microbrewery founded in 2006 in Copenhagen, Denmark that is based on the so-called “phantom” or “gypsy” ethos; that is, the company does not operate an official brewery and, instead, collaborates with other brewers to produce their recipes or experimental one-off brews. The brewery was founded by two home brewers: Mikkel Borg Bjergsø, a high school teacher, and journalist Kristian Klarup Keller. Both sought to introduce their home-brewed beer to the public and to “challenge beer friends with intense new tastes”

m05m02Mikkeller Seoul now has thirty Mikkeller beers on tap, with another twenty in bottle – everything from their wonderful sour beers to a double porter with 유자, an IPA, an many others. The menu is quite nice as well, offering dishes like a jambalaya, various grilled cheese variations, a pulled pork sandwhich, truffle fries, etc.

m01

A Framboose sour (raspberry).

m06

A map to Mikkeller Seoul is here below. Click on the map for a larger version. Mikkeller Seoul: Sinsa-dong 544-22, Gangnam-gu, Seoul, opens @2p to 1p, All week.

Mikkeller-map

Flavour of the Month – We Know Who You Really Should Vote for

On July 8, WikiLeaks released over 400 gigabytes of leaked data from Italian surveillance malware vendor Hacking Team, which included correspondence between officials from South Korea’s 5163 Army Division – a code name for the NIS – and the company about its remote control spyware system. The local intelligence office has been suspected of spying on civilians since the Park Chung Hee era, but due to such suspicions, it was unable to acquire the spyware systems necessary to infiltrate mobile devices for legitimate espionage activities…the NIS is obligated to clearly explain why it purchased the wireless monitoring device so discreetly and for what purpose it has been used. Since the agency did not obtain a court warrant, those kinds of surveillance activities are illegal. (more)

The NIS has a lot more going on than is in the newspapers too (backdoors into software (Kakao (?) and Samsung phones, etc.)

Pardon My “National Development”

The president has more ideas for national development:

ex-felonWe need to carry out pardons to promote national development and forge national reconciliation” on the occasion of the 70th Liberation Day,” President Park Geun-hye said Monday.
“This year marks the 70th anniversary of Korea’s independence from Japan’s 1910-45 colonial rule. We will have to promote pride in Korea and make it the first year to take another giant leap, overcoming various challenges,” Park said in a regular meeting with her top aides at Cheong Wa Dae.
The President ordered her top aides to examine the scope and target of special pardons next month as part of celebrations of the 70th anniversary. Park vowed to limit presidential rights of special pardons during her presidential campaign in 2012. Park exercised special pardons once so far only for minor crimes committed by those living in poverty on Lunar New Year’s Day last year. . . Park’s remarks immediately raised questions over whether imprisoned business tycoons will be affected by the special pardons. (cite)

Of course, only convicted felons know what is best for Korea since the current leadership doesn’t seem to know.

UPDATE: July 16, Thursday

The Saenuri response to this idea?

I will propose to the president to grant magnanimous pardons to convicted businessmen and politicians within the scope that is acceptable to the public so that it will serve as an opportunity to unify the nation, . . . Rep. Won Yoo-chul, the Saenuri Party’s new floor leader

As I might paraphrase: 유유상종

Samsung Versus the Ants & the Jews – A Never-ending Saga of Korean Shizz-biz

Greece is not the only suspenseful yes-or-no vote that has been on everyone’s minds as of late.

Samsung is having one heck of a knock-down shareholders fight. This Friday will be the day that Samsung C&T shareholders will vote on its future and “essentially the fate of the whole conglomerate and determine whether they approve its merger with Cheil Industries, the de facto holding company of Samsung Group.” (cite)

To summarize the situation:

Samsung Group, South Korea’s largest conglomerate made up of 67 companies, is controlled by the powerful Lee family via a complex web of cross-shareholding. Samsung C&T owns 4.06 percent of the group’s crown jewel, Samsung Electronics, with the value of its stake in the electronics giant standing at more than 7.6 trillion won ($6.7 billion) alone. Samsung Life Insurance controls 7.2 percent, while Cheil controls 19.3 percent of Samsung Life Insurance.
Last but not least, Jay Y. Lee owns 23 percent of Cheil, with his sisters Lee Boo-jin and Lee Seo-hyun controlling 7.7 percent each. Lee Kun-hee, the Samsung Group chairman, owns 3.4 percent.
Although Cheil has nothing to do with financial businesses on paper, it acts essentially like a financial holding company, controlling a significant stake in Samsung Life Insurance.
The merger between Samsung C&T and Cheil is certain to help the Lee family exert more influence over Samsung Electronics and is seen as a necessary step as the conglomerate prepares to make a generational change from the now-hospitalized Lee Kun-hee to his 47-year old son.

This is a very big deal, for example:

South Korea’s $422bn National Pension Service is poised to make one of the most high-pressure interventions in its 28-year history, with a vote that could swing the fate of a key merger in the Samsung group. . . The NPS holds big stakes in both companies — a situation that has highlighted the huge domestic clout of the world’s fifth-biggest pension fund, while heightening calls from activists for it to take a lead in defending South Korean corporate governance standards. . . The NPS is at the centre of the whole controversy — it’s created an awkward situation for them,” says Park Yoo-kyung, an investment adviser at the Dutch fund APG Asset Management, which holds a stake in Samsung C&T. . . Analysts say that this week’s vote is likely to be close and that the NPS — Samsung C&T’s biggest shareholder with 11.9 per cent — could decide the outcome. . . the NPS has courted controversy by making its decision in-house without turning to an advisory committee set up to assist with difficult voting decisions. That committee has shown willingness to oppose controversial management decisions, last month opposing a merger of two SK group companies citing similar objections to those made by Elliott in the Samsung case.

Line of marching ants with 11 different ant images

Samsung small investors are angry and are marching . . .

One shareholder, Elliott Associates LP (hedge fund), intensified its opposition to Samsung Group’s proposed merger of two units, a day before the U.S. hedge fund’s dispute with South Korea’s largest conglomerate went to court in Seoul. (cite) Elliot has also attracted the many small investors, referred to in South Korea as being “ants”, and have joined forces with Elliott.
According to Elliot, Cheil Industries Inc.’s offer to buy Samsung C&T Corp. is “unlawful” and creates “open-ended regulatory risks,” the fund headed by billionaire activist Paul Elliott Singer said in an online presentation on Thursday that laid out its case against the deal.
According to some analysts, this “showdown” between Samsung and Elliot Associates will shake up South Korea.

“Lawyers say the controversy will also prompt a rethink of the rules governing mergers between sister companies, which allowed the lowball offer in the first place. In any case, the backlash should make the chaebols less dismissive of outside shareholders.”

Meanwhile, South Korean media, in a typical demonstration of some of its totally irrational bias has managed to infuriate Jews:

jewish_bankerJewish organizations over the weekend denounced what they say are anti-Semitic statements in the South Korean media blaming Jews for attempts to block a corporate merger between two subsidiaries of the Samsung conglomerate. The Anti-Defamation League and the Simon Wiesenthal Center have called upon the Asian country’s government and on Samsung to repudiate the claims, which have appeared in a number of business publications supportive of the deal.
The target of the opprobrium is Paul Singer, the Jewish head of the Elliot Associates hedge fund, which owns a seven percent stake in Samsung C&T, which seeks to merge with Chiel Industries.
According to South Korean financial publication MoneyToday, “Elliott is led by a Jew, Paul E. Singer, and ISS [an advisory firm that analyzed the merger] is an affiliate of Morgan Stanley Capital International (MSCI), whose key shareholders are Jewish. According to a source in the finance industry, Jews have a robust network demonstrating influence in a number of domains.”
Meanwhile, Mediapen, another local publication, asserted that Jews are known to wield enormous power on Wall Street and in global financial circles” and that it is a “well-known fact that the US government is swayed by Jewish capital.” (cite)

Per Mediapen: “Jewish money, it reported, “has long been known to be ruthless and merciless.”

Mind you, it would be irresponsible to note that South Korean media also has long been known to be unprofessional and racist, especially considering their important role in revealing the hordes of HIV/AIDS infested, foreigners and the ongoing foreigner-driven crime-wave. The JDL and others have to realize that Koreans actually admire Jewish thought since the Talmud has been transmogrified into Korean.

Open Thread: July 13, 2015

Taking one for the team.

(Fortunately, my Anonymous_Ego can handle the hit.)

Open Thread, July 6, 2015 – The “I Am Probably F***** But Am Voting Yes” Edition

no

The comically tragic case of Kim Ryeonhee

This article is very long, but it was somewhere between a hilarious and an interesting read. To summarize, 46-year-old Kim Ryeonhee, landed at Incheon airport on September 16, 2011. By her own account, she lived a middle-class lifestyle in Pyongyang as the wife of a doctor until she got sick and decided to seek treatment in China.

In China, she found that the treatment was too expensive to afford, so she decided to just work at a restaurant and take the money back to North Korea. While working there, she came across a broker who took North Korean defectors to South Korea and told her that she could make even more money in the South. By the time she realized that she couldn’t just spend a few months working in the South and then leave, it was already too late, the broker had her passport and wouldn’t let her leave. She says that she didn’t try to escape anyway because it would have endangered the other defectors.

So, she arrived in South Korea and immediately declared that she wanted to be sent back. The National Intelligence Service wouldn’t send her back, though, so she decided to go through the process of becoming a South Korean citizen and then just fly to China. However, having already requested deportation to the North, she was refused a passport. She then tried to get North Korea to help her, calling the North Korean consulate in Shenyang five times.

This, along with supposedly having given information about other defectors to a North Korean spy outside of a soccer game, led to Kim being charged with violating the South Korean National Security Act and being charged with a spy. She was convicted but given a suspended sentence, which is how she met with the Hankyoreh reporter who wrote this.

In effect, Kim stands as a South Korean citizen with a travel ban, not entirely uncommon if you consider travel bans on those who want to fight for ISIS, for example, or anyone else with ongoing legal proceedings, as is the case for Kim. On the other hand, Kim and her lawyers have pointed out that South Korea does send back North Korean fishermen who drift into South Korean waters, while North Korea does the same. At the same time, there is no process for sending back defectors to the North, which is why Kim remains where she is.

The top comment on the article incredulously asks “So you were living a middle-class lifestyle in Pyongyang, left it to get a part-time job here, got caught and now you can’t go back? And you expect us to believe that?”. Clearly, something about this doesn’t add up, because how can Kim declare, over and over, that not only is she a North Korean citizen with no desire to live in the South, but that Kim Il-sung “is like my parents, my body, my soul”? Why would someone like that willingly come to South Korea? Why would she worry, as she did, about the other defectors she met in China, who presumably did not share her affection for Kim Il-sung?

One thing that appears to be true, though, is that Kim was vocal about not wanting to come to the South when she found out, while in China, that she probably wouldn’t be able to slip out of South Korea as easily as she could slip out of China into North Korea. Another defector testifies to this.  It’s possible that Kim simply made a dumb mistake in agreeing to come South and couldn’t undo it. It’s also possible, likely even, that she didn’t have the foresight, once having agreed to come to South Korea, that she could have kept her mouth shut and obtained a passport to go to China, if going back to North Korea was her goal.

On the other hand, if her story happened exactly the way she says it did, going public in South Korea with her story and having her photo (and name, if that’s her real name) published in South Korean newspaper can’t be good for her. She says that when she explained her situation to the North Korean consulate in Shenyang, they responded by asking “how can someone who received the generosity of the Fatherland commit a sin like this?” Clearly, she won’t just get to go back to her home in Pyongyang, so she must have motivations other than patriotism for wanting to go back to the country she didn’t seem all that concerned about in 2011.

If Kim is a spy, she doesn’t seem like a very good one. The five calls she made to the North Korean consulate were used as evidence in her espionage case, with the prosecution arguing that she received instructions from North Korean intelligence officials, but it seems overly obvious for a spy to simply dial up the consulate. If she was a spy, she wouldn’t declare her loyalty to the North before even coming to the South, but it seems even less likely that she would have made, and would have been taken, thousands of kilometres from China’s Shandong province to Laos and then Thailand, where she boarded a plane to Incheon.

Whatever the truth is, it seems safe to say two things about it. First, it probably will never be known in this case, because Kim’s story is so utterly unbelievable, in the literal sense of the word. Second, whatever her past and whatever her motivations, it’s safe to say that things have horribly gone wrong for Kim. She may have been a spy at some point, or perhaps was a spy whose mission went awry, but she seems destined to live in this limbo for the foreseeable future. If what she is saying is the truth, she appears to be an incredibly naive woman who made some bad decisions with horrible, irreversible consequences.

Anti-gay marriage protesters and the current address of the Korean right wing

As the world is celebrating the verdict of making gay marriage legal across the US, Koreans are also joining in the celebration . What is interesting, however is the hodge-podge mixture that is shown in the anti-gay protesters who are representing some sort of ‘values’ that they *think* they want to represent . I used to think that the standard of the psychological development of a nation rested on the standard of the educated liberal/left, but in Korea, the embarrassing majority (whenever the media says that the support for the president has “fallen” to 30 percent I am wondering, what? 30 percent? WTF? Who are these people? ) does its fair share.

I am going to share a twitter entry going around on the internet which sums up the make-up of the Korean anti-gay protesters here:

분명히 기독교 단체의 동성애 반대 집회인데 태극기가 등장하고, 한복과 부채춤이 등장하고, 박원순 OUT이니 이승만 대통령님이 세운 나라라느니 이런 것들이 등장해요. 이게 극우, 근본주의 기독교, 국수주의와 심지어 유교까지 죄다 뒤엉켜있다는 증거에요.

(literal word-to-word translation)
Clearly, it is a gathering/protest of anti-gay Christians, however there are Taeguki’s, hanbok and fan-dance, and (placards saying) “Park Wonsoon(Seoul Mayor) OUT”, “This is a country built by Rhee Seungman”. This is the evidence that extreme right, fundamentalist Christianity, ultra-nationalism, and even Confucianism are all mixed up.

Let me just add at this point, that I really don’t like 비빔밥. I don’t understand why everything has to mixed up before eating, and made worse by the horrible strong taste of sesame oil to boot. To me, the Korean right wing seems a Korean national dish comprised of the worst possible ingredients, all mixed up.

Open Thread: June 27, 2015

A rare double rainbow sighting made the news this week.  I hope to someday see such in Seoul.

June: Struggle Against U.S. Imperialism Month

dprk_propEric Talmadge of the Associated Press has posted an interesting article on June, in the DPRK, as being the “Struggle Against U.S. Imperialism Month”, wherein the official history of the state’s struggle against America is remembered:

. . . it’s a time for North Koreans to swarm to war museums, mobilize for gatherings denouncing the evils of the United States and join in a general, nationwide whipping up of anti-American sentiment. . . the North Korean version of the war, including the claim that it was started by Washington, is radically at odds with that of the United States and often doesn’t even jibe well with documents released over the years by its wartime allies, China and the Soviet Union. . . At the Susan-ri Class Education Center, guide Choe Jong Suk, a somber middle-aged woman in a black-and-white traditional gown, gave a well-practiced lecture on the variety of tortures — 110 in all, she said — inflicted on Koreans by the U.S. that, she said, were “worse than the methods of Hitler.”

Which is far worse than the crimes comitted by the DPRK against its own citizens (Godwin’s Law here?).

You can read the full article here.

Open Thread: Summer Solstice

Was today the longest day of the year or was it just me?

More Shizzilistic Science from the DPRK

DPRK_scienceThe Associated Press has reported that the DPRK has a cure and preventative for MERS, SARS, HIV/AIDS and likely the Ebola virus (cite).

. . . The official Korean Central News Agency said scientists developed Kumdang-2 from ginseng grown from fertilizer mixed with rare-earth elements. According to the pro-North Korea website Minjok Tongshin, the drug was originally produced in 1996.

I know this remarkable stroke of good fortune will be well recieved by the large community of AIDS-infected English teachers here in the ROK.

Getting Green, Getting High and Spying on The Kids

walkway concept01Seoul will get a new park and its pretty high up.

A long unused highway overpass by Seoul Station will be remolded into a “sky garden”, facilitating pedestrian space and harboring a local collection of trees and plants. (Hopefully, advertising and take-out auto-bikes will be discouraged) (cite):

walkway overviewMVRDV: an elevated park in Seoul won a contest to design the park, filling it with massive circular plant pots filled with 254 different species of flowers, shrubs and trees to create a “living dictionary of the natural heritage of Korea.” A greenhouse will grow new plants to populate the pots, and pedestrians can stop at a number of cafes, street markets, flower shops and other vendors. Once completed, the 55-foot-high structure will cut the walk around the railway station from 25 minutes to 11, and is expected to generate 1.83 times its cost in economic benefits.

The elevated park did meet with some resistence from local merchants:

. . . While the plan, initiated by Seoul Mayor Park Won-soon, has been challenged by some locals, particularly merchants from Namdaemun Market located just east of the overpass, the Dutch architect openly defended the city government’s plan to renovate one of Seoul’s traditional areas. “I’m aware of the mayor’s intention for the city’s architecture … [to make it] better, greener and more livable in the project, . . . I think it’s courageous, and there might be criticisms here and there, and I’m here to defend that policy because I do think the improvements will [inspire awe] (cite).

If you are a Korean kid, who is under eighteen, then you are being  watched.

The government has decided that all kids under eighteen must have an application called “smart sherrif” installed on their smartphones. “Smart Sheriff” was developed and funded by the South Korean Government and allows parents to spy on their kids:

Smart Sheriff and at least 14 other apps allow parents to monitor how long their kids use their smartphones, how many times they use apps and which websites they visit. Some send a child’s location data to parents and issue an alert when a child searches keywords such as “suicide,” ”pregnancy” and “bully” or receives messages with those words. (cite)

Though this might be useful for parents, who wish to monitor exactly what their kids are doing, it also raises an issue of data usage since the browsing habits of kids can also be monitored by the government, through this software and no mention has been made at this time if the information, collected through this software, will be used for commercial purposes either.

Open Thread: June 13, 2015 – The Quarantine Edition

PGH_in_quar

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