User:PC78/Sandbox5
From Wikipedia, the free encyclopedia
Chey Tae-won is a South Korean businessman and current chairman of SK Group. Chey is the eldest son of the group's founding family,[1] and the son-in-law of former South Korean president Roh Tae-woo.[2]
[edit] References
- ^ "SK Corp chairman imprisoned", BBC News, June 13, 2003. Retrieved on September 28, 2007.
- ^ "SK's Chey held on stock charges", CNN.com, February 24, 2003. Retrieved on September 28, 2007.
[1] Chairman of SK Global; jailed on charges of committing accounting fraud
[2] Chairman of SK Corp.; convicted of fraud by a South Korean court in 2003; won another three-year term as chairman of SK in 2005, after a bitter fight with then-largest shareholder Sovereign, who wanted to remove him on account of his criminal record; served brief prison sentence before being released on bail; re-elected, but 40% of shareholders voted against him; convicted for his part in a 1.55 trillion won fraud at SK Global (now SK Networks)
[4] Vice Chairman of SK Group, Chairman of SK Corp.; arrested on charges he illegally swapped stocks in subsidiaries to increase his control of the group; son in law of former president Roh Tae-woo (more)
[5] sentenced to three years in prison for his part in $1.2bn accounting fraud; eldest son of the group's founding family
[6] served seven months in prison
[7] "SK Networks, an SK Group affiliate that was formerly known as SK Global, misstated 2001 earnings by 1.5 trillion won. The fraud led to the conviction of Chey and nine other group executives. In June, however, a Seoul high courtupheld Chey's conviction but suspended his three-year jail term, so he could continue to run the company. At two shareholder meetings, Sovereign argued that Chey, who holds less than 1 percent of SK Corp. shares, was unfit to run the company because of his role in the SK Networks fraud. While a slim majority of the shareholder vote backed Sovereign, the margin fell far short of the two-thirds majority needed to win, as almost all of the 38 Korean funds that held SK Corp. stock backed the 44-year-old chairman. Sovereign then failed in its effort to have a court order for SK Corp. to hold a special shareholders meeting."
[1] http://www.businessweek.com/magazine/content/03_28/b3841160_mz035.htm
The trading house of South Korea's third-largest conglomerate, SK Global started to founder earlier this year under an unsustainable debt burden of $7.2 billion -- largely owed to Korea's banks. Chey Tae Won, its young chairman, was thrown in jail on charges of committing accounting fraud. Chey pleaded guilty to the fraud charge. Prosecutors also charge that he tried to siphon funds from stronger affiliates to keep weaker ones going, but Chey maintains that's common corporate practice....
Long before the crisis developed, the banks made chieftain Chey Tae Won personally guarantee the debt payments of the weaker SK units. As the SK Global scandal broke, Chey had to offer all his various SK shareholdings to the banks. It wasn't enough.
The remedy by the creditors? Kim Seung Yu, Hana Bank chairman, representing all the exposed local banks, pleaded with the Seoul criminal court to release Chey from jail so he could pressure SK Corp., SK Telecom, and other healthy affiliates of SK Global to bail out its sick sister. At least the courts ignored the plea. "The SK case is testimony that things have changed in Korea. But it is also the confirmation that the industry still has a long way to go," says Scott Seo, banking analyst at J.P. Morgan Chase & Co.
[2] http://www.iht.com/articles/2006/04/20/business/govern.php
A year after Chey Tae Won, the chairman of the South Korean oil refiner SK Corp., staved off a challenge to his board seat from a disgruntled foreign investor, the company's shareholder meetings are harmonious and self- congratulatory affairs....
The scene was vastly different at the annual meeting a year ago. Chey, convicted of fraud by a South Korean court in 2003, won another three-year term as chairman of SK. But it came only after a bitter fight with the company's then- largest shareholder, Sovereign Asset Management, which is based in Monaco. It wanted to remove him and his allies on the board because of Chey's criminal record.
Chey, who served a brief prison sentence before being released on bail, was re-elected, but 40 percent of shareholders at the meeting voted against him.
[3] http://www.legatum.com/lc/pressreleases/20040315.htm
Fitter added, "Central to our ongoing challenge to the company is the continued leadership of Mr. Chey Tae-won, who is incapable of providing ethical and competent leadership following his conviction for accounting fraud. It is a year too late, but he should have the honour to do what any criminally convicted corporate leader would, and that is promptly resign."
[4] http://edition.cnn.com/2003/BUSINESS/asia/02/23/korea.chey/index.html
(whole article)
[5] http://news.bbc.co.uk/1/hi/business/2986698.stm
(whole article)
[6] http://www.ethicalcorp.com/content.asp?ContentID=3045
(whole article)
[7] http://www.iht.com/articles/2005/07/18/business/sk.php
http://www.prnewswire.co.uk/cgi/news/release?id=147969
http://www.businessweek.com/magazine/content/03_10/b3823074_mz014.htm
http://www.koreasociety.org/corporate_affairs/corporate_affairs/page_2.html
