SOUTH KOREA: Prosecutors raided the offices of Samsung Group on Wednesday, a prosecution official said, after media reports of alleged links with a confidante of President Park Geun-hye who has been indicted in an influence-peddling scandal – @AceNewsServices


Ace News Services

#AceNewsReport – Nov.23: Samsung Group, pension fund offices raided in growing South Korea scandal // Reuters UK

Prosecutors also raided South Korea’s largest pension fund, the National Pension Service (NPS), an NPS spokeswoman said. The Yonhap news agency reported that investigators were probing NPS’s decision to approve the $8 billion merger of Samsung C&T Corp and Cheil Industries last year.

The raids signaled that prosecutors are expanding their investigation into allegations of influence-peddling in the corruption scandal that has rocked Park’s presidency over the relationship between the government and big businesses.

NPS, the world’s third-largest pension fund, has come under scrutiny by the media and civic groups over its approval as a major shareholder of the merger between two affiliates of Samsung Group, South Korea’s largest family-run conglomerate.

Its backing was seen as crucial to the success of the merger and some South Korean media reports said its approval came…

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