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Samsung has $216 million slush fund

Posted on Monday, November 26 2007 @ 12:43:30 CET by

It appears that last week's news about Samsung's attempt to bribe former legal adviser to South Korea President Roh Moo-hyun for $5,455 was just a tiny tip of the ice berg.

According to Samsung's former top legal executive Kim Yong-cheol the Korean electronics giant has a huge 200 billion won ($215.8 million) slush fund. Reuters reports:
Samsung denied the accusations, saying the allegations made by Kim Yong-cheol were "a repeat of false, distorted and exaggerated claims" he had previously made, adding it planned to bring legal action against him.

Kim, who used to run a legal division but now says he wants to blow the whistle on corruption, said he was taking a major risk by accusing Samsung of wrongdoing and called on law enforcement authorities to conduct a thorough investigation.

"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. Some of the money was used to buy art, he said, but otherwise did not specify what it was used for.

Earlier this month, Kim accused Samsung of routinely bribing prosecutors and politicians to quash investigations concerning improper company management.
It will be interesting to follow this trial, considering that Samsung accounts for about one-sixth of the South-Korean economy.



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