Samsung’s Slush Fund > 영어토론방

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Samsung’s Slush Fund
[Businesses Still Have Long Way to Ensure Transparency]

It is a pity that Samsung Group chairman Lee Kun-hee allegedly ordered the illegal lobbying of politicians and public prosecutors to seek favors for the nation's largest conglomerate. The Catholic Priests Association for Justice (CPAJ) plans to disclose details today on allegations the group has been operating slush funds in accounts under the names of its former and current employees. This shows the nation's businesses have long way to go to ensure much-needed managerial transparency.

Kim Yong-chul, 49, an attorney who served as chief of Samsung's legal affairs team until 2004, is claiming he was in charge of bribing influential prosecutors, providing them with 5 to 10 million won each on the occasion of national traditional holidays. The CPAJ submitted documents that showed Lee's points of direction regarding lobbying the powerful figures. The document included such phrases as “Is it smoother to provide hotel discount coupons to the people who don't accept cash?” and “There would be no problem to offer quality wines to those well versed with such alcoholic beverage.” It also revealed Lee had directly engaged in the management of affiliates ranging from selling off of buildings to recruiting human resources.

If the lawyer's claim is found to be true, the act of managing the funds in alias names would violate laws on real name transactions and the group will need to be charged with bribery. We also urge the nation's tax and financial supervisory authorities to take due measures for the inspection of relevant banks. Shedding light on the recent case will help improve the managerial transparency of Samsung and prevent it from engaging in such activities in the future, giving it a chance to be reborn as the nation's top conglomerate in the real sense of the word.

Shinsegae Avoided Probe Over Father-to-Son Wealth Transfer

Shinsegae, the nation's largest discount store chain, made a pleasant surprise last year by announcing that the owner family would pay all gift taxes, estimated to be as much as 1 trillion won ($1.1 billion), in a father-to-son transfer of control of the group. The move, however, is tarnished as it is suspected of having unwillingly announced it to cover up tax evasion.

According to the Solidarity for Economic Reform (SER), a leading NGO, and Rep. Sim Sang-jeong of the progressive Democratic Labor Party, Shinsegae's announcement to pay all due gift taxes came right after the National Tax Service (NTS) found out that the group Chairwoman Lee Myung-hee possessed stocks under names borrowed from group executives. The tax agency investigated the retail outlet operator from February to April last year _ the group said this was a regular tax probe. "Chaebol groups often possess stocks under a borrowed name to avoid gift taxes while handing over managerial control from father or mother to son," the lawmaker said.

♣+For your tips+♣
* slush fund : 비자금
* business : 기업
* transparency : 투명성
* allegation : (충분한 증거가 없는) 주장
* probe : 철저한 조사

Question
1. Have you ever heard about Samsung's slush fund or other the illegal lobbying? How did you feel?
2. What do you think about business's transparency?
   Talk about the reason why transparency is necessary to the businesses.
3. Talk about Korean business problems about Chaebol group's management.
4. What virtues are needed to the businesses?

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