Nov 26
A Former Legal Executive Says Samsung Kept $216 Million Slush Fund
Seoul, S Korea — Nov 26, ‘07 –Reuters is reporting on a former top legal executive at Samsung Group on Monday making fresh accusations against the country’s largest conglomerate, saying it had used subsidiaries to help create a $215.8 million (200 billion won) slush fund.
Samsung has previously denied charges by , who used to run a major legal division but now says he wants to blow the whistle on corruption.
Reuters further reports, “”Samsung has created a large-scale slush fund,” Kim told a nationally-televised news conference, the second this month accusing his former employer of impropriety.
As Samsung legal counsel he saw secret documents which laid out intricate arrangements between affiliates to channel money to the illegal fund, he said. Earlier this month, Kim accused Samsung of routinely bribing prosecutors and politicians to quash investigations concerning improper company management.
Last week, South Korea’s parliament voted to allow an independent counsel to investigate the Samsung Group.
Roh, who has about three months left in office, is considering vetoing the bill, his office has said.” More at Reuters.