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Construction Company Executives Arrested After Fatal Parking Garage Accident The labor authorities have arrested the CEO and site manager of a construction company involved in a fatal accident during the demolition of a mechanical parking facility in Gangnam, Seoul, which occurred in 2024.According to the Ministry of Employment and Labor on July 31, the Seoul Regional Employment and Labor Office arrested the CEO of the parking equipment construction company and the overall safety manager on July 25 on charges of violating the Serious Accident Punishment Act and the Occupational Safety and Health Act.This marks the first instance of an arrest in the Seoul area under the Serious Accident Punishment Act. This year alone, there have been four arrests related to violations of the law.In March 2024, during the demolition of the mechanical parking facility in Gangnam, a 15.7-meter opening was created as parking pallets and lift turntables were dismantled. An accident occurred when a worker was disassembling the lift gear, leading to a fall through the opening.The Seoul office launched a search of the headquarters of both the primary and subcontracting companies to clarify the specific causes and responsibilities related to the accident. After analyzing the evidence collected and the accident investigation report from the Korea Occupational Safety and Health Agency, they determined that sufficient grounds existed to support the charges against the executives.Concerns about evidence destruction and flight risk were significant, and the case was deemed serious due to the failure to implement basic safety measures that resulted in the fatality, prompting the request for arrest warrants.The Ministry stated, "In cases related to serious accidents, even if they do not involve large fatalities, we will actively utilize forced investigations such as searches and arrests when basic safety regulations are not followed, leading to repeated incidents of a similar nature."* This article has been translated by AI. 2026-07-31 16:44:00 -
Criminal Procedure Law Amendment Passes National Assembly Amid Filibuster The National Assembly passed an amendment to the Criminal Procedure Law on July 31, which eliminates the prosecution's supplementary investigation rights. The ruling coalition, including the Democratic Party, pushed through the legislation despite a filibuster by the opposition People Power Party.On this day, the amendment was approved with 175 votes in favor, 2 against, and 1 abstention out of 178 members present. This amendment is a follow-up to the Serious Crimes Investigation Agency and Prosecution Act, which is set to take effect on October 2. The key principle of the amendment is the complete separation of investigation and prosecution, which includes the total removal of direct investigative powers from prosecutors.Although the People Power Party initiated a filibuster starting the previous afternoon, it was concluded with a vote led by the ruling coalition, resulting in 183 votes to end the debate. A filibuster automatically ends if more than two-thirds of the members present vote in favor of its conclusion.Additionally, the National Assembly introduced an amendment to the National Assembly Act aimed at reducing the review period for fast-track legislation. The current maximum of 330 days would be shortened to 90 days. The Democratic Party argues that this amendment is necessary for the swift processing of legislation related to people's livelihoods, claiming that the fast-track process has devolved into a slow track.The People Power Party also conducted a filibuster against the National Assembly Act amendment. However, as the July session of the National Assembly is set to conclude at midnight, the filibuster will automatically end. The amendment is expected to be addressed in the first session of the August National Assembly. Lee Joo-hee, the Democratic Party's floor spokesperson, stated after a party meeting that they are aiming for the next session to be held on August 13. 2026-07-31 16:44:00
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Former Employees of Law Firm Found Guilty of Insider Trading Two former employees of the law firm (Yoo) Kwangjang were sentenced to prison for trading stocks based on insider information obtained from unauthorized access to lawyers' emails. While some charges related to insider trading were dropped, resulting in reduced fines and restitution, the court emphasized the severity of their actions.On July 31, the Seoul High Court's Criminal Division 3, led by Judge Lee Seung-han, sentenced former employee A to three years in prison, a fine of 2.96 billion won (approximately $2.2 million), and restitution of about 983.56 million won (approximately $740,000). Co-defendant B received a three-year prison sentence, a fine of 1.58 billion won (approximately $1.2 million), and restitution of about 523.4 million won (approximately $400,000).A had initially been sentenced to three years and six months in prison, along with a fine of 6 billion won and restitution of 1.82 billion won in the first trial, but the appeals court reduced all penalties. B's prison sentence remained the same, but fines and restitution were also reduced. The court revoked their bail status during the appeal.The court stated, "The defendants' actions severely undermined the fairness, reliability, and soundness of the capital market, as well as public trust in law firms and legal services. Even if they obtained the information through their positions, they should have recognized that using it for personal gain was unacceptable, yet they committed the crimes without any remorse, indicating a serious moral failing."However, the court overturned some of the original findings. It ruled that the evidence for certain insider trading charges related to corporate tender offers was insufficient to establish guilt beyond a reasonable doubt. Additionally, it found that A's method of obtaining some insider information was not adequately proven, and it assessed the timing of B's acquisition of insider information differently than the lower court.As a result of these findings, the court adjusted the fines and restitution amounts to reflect the reduced scope of the unjust enrichment.A and B, who worked in the IT department of Kwangjang, were charged with unauthorized access to email accounts and document management systems of lawyers and secretaries from September 2021 to December 2023. They allegedly used insider information from consulting firms regarding tender offers, capital increases, and stock transfer contracts to trade stocks. Investigations revealed that A profited approximately 1 billion won (about $750,000) and B about 500 million won (about $375,000) by trading shares of five companies, utilizing family accounts and loan funds.In a related case, the same court also issued rulings on three individuals, including former employee C of MBK Partners' fund management company, MBK Special Situations (SS), for violations of capital markets law.C was sentenced to one year in prison, suspended for two years, and fined 30 million won (approximately $22,500) for using or sharing insider information obtained from tender offer preparation meetings and investment materials. The other two defendants, who traded stocks based on the information received, received sentences of six months and eight months, respectively, both suspended for one year, reflecting some reductions from the first trial. The court noted that C did not directly profit from the crime and that the recipients of the information did not actively seek the insider information.* This article has been translated by AI. 2026-07-31 16:40:00
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Court Ruling Keeps DL E&C as Contractor for Sangdaewon 2 Redevelopment 1.9 trillion won ($1.5 billion) redevelopment project in Sangdaewon 2, Seongnam, will remain with DL E&C for the time being. The court determined that the extraordinary general meeting held on May 30 likely did not meet the requirements for direct attendance and quorum. Notably, the number of direct attendees needed for contractor selection fell short by just one.On July 31, the Seongnam branch of the Suwon District Court partially granted a request for a provisional injunction filed by DL E&C against the Sangdaewon 2 redevelopment association.The court's decision provisionally recognized DL E&C's status as the contractor for the Sangdaewon 2 project. It also suspended the association's notification to DL E&C regarding the termination of the construction contract and the resolutions made during the May 30 extraordinary general meeting. Consequently, the resolution to select GS Construction as the new contractor was also suspended.The key issue in the decision was whether the extraordinary general meeting that selected a new contractor met the legal and association bylaws regarding direct attendance and quorum.According to the Urban Redevelopment Act and the association's bylaws, a majority of all members must be present in person to select a contractor. Attendance by proxy is also considered valid if proper delegation procedures are followed.The total number of members in the Sangdaewon 2 association is 2,268, meaning at least 1,135 members needed to be present in person to proceed with the contractor selection. The minutes recorded that 1,137 members were present at the start of the meeting, just two above the legal threshold.However, the court found that at least three of those listed as attendees could not be considered valid participants. One member left the meeting after signing the attendance sheet and was later seen visiting a restaurant and bakery in Yangpyeong, as confirmed by CCTV footage. Another member, while listed as present, stated that they had sent a third party in their place.The third individual was a proxy who was not the representative member of the shared property. The court ruled that there was no evidence that the change of the representative member had been properly reported to the association, thus invalidating that proxy's attendance.Excluding these three, the number of valid attendees dropped to 1,134, just one short of the required minimum of 1,135. The court concluded that proceeding with the contractor selection without a majority present was unlawful.The association argued that additional members entered after the meeting commenced, ultimately meeting the majority requirement. However, the court maintained that a majority must be present at the start of the proceedings, and any subsequent increase in attendance could not rectify the procedural defect that occurred at the outset.The court also noted the poor management of attendee verification. Video footage showed several members leaving the venue before the meeting began, yet the association did not adequately track or manage those who left and re-entered. There were also instances where attendees were not required to remove masks, hats, or sunglasses, making it difficult to verify their identities.The court pointed out that representatives from DL E&C were only allowed into the venue about two hours after the meeting began, and even after entering, they found it challenging to monitor the verification and classification of withdrawal letters. As a result, the court deemed the attendance figures recorded in the minutes and meeting notes unreliable.In the general matters concerning the termination of the contract with DL E&C, the key issue was the status of the withdrawal letters. During the meeting, 904 withdrawal letters were submitted, but the association determined that only three were valid and not duplicates of existing letters.In contrast, DL E&C submitted 51 withdrawal letters that overlapped with the existing ones. The court concluded that if these letters were considered, the general matters would also fail to meet the quorum requirement. The possibility of additional valid withdrawal letters submitted on the day of the meeting could not be ruled out.The association contended that 38 of the 51 members who submitted withdrawal letters later submitted 're-withdrawal letters' on the day of the meeting, asserting that the original resolutions remained valid. However, the court found that the re-withdrawal letters did not clearly indicate a retraction of the prior withdrawal intentions, and the timing of their creation was also uncertain.The fact that all re-withdrawal letters were pre-printed with the date of the meeting, May 30, raised further concerns. The court suggested that the association might have collected the re-withdrawal letters at the same time as the original withdrawal letters, making it difficult to accept their validity at this stage.Ultimately, the court identified procedural defects in both the direct attendance and the handling of withdrawal letters, leading to a strong likelihood that the resolutions from the meeting would be deemed invalid.This ruling is expected to further delay the contractor selection process for the Sangdaewon 2 project. If the association appeals or if disputes over the contractor's status continue, the legal battles surrounding the 1.9 trillion won project and construction delays could persist for an extended period. 2026-07-31 16:36:10
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Financial Supervisory Service to Inspect ETF Sales Practices at Major Banks The Financial Supervisory Service (FSS) will conduct on-site inspections of major banks to verify the appropriateness of commission charges and sales processes for exchange-traded fund (ETF) trust products.According to the financial sector on July 31, the FSS plans to examine the ETF trust sales practices of KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and SC First Bank in August. The inspection will focus on whether banks provided adequate guidance on commission structures that align with customers' investment periods and trading tendencies, as well as whether they sufficiently explained the cost burdens involved.From January 2022 to May 2023, the sales volume of ETF trusts at six major banks reached 64 trillion won, with 1.03 million contracts. In May alone, the sales volume was 10.8 trillion won, an 8.8-fold increase compared to December of the previous year.The average holding period for ETFs was 42 days, with the same customers entering into contracts an average of 5.5 times. Notably, 94.6% of all transactions were sold within six months, yet 91.7% of contracts were subject to upfront commissions that are disadvantageous for short-term investors. Upfront commissions charge about 1% of the investment amount at the time of entry, making them more favorable than deferred commissions only if the investment period exceeds one year.Low target return rates were also identified as a factor contributing to frequent trading. Accounts with target returns below 5% accounted for 58.1%, while those below 3% made up 20.8%.During the same period, customer capital gains from sales totaled 2.91 trillion won, while banks collected 394.8 billion won in trust commissions. The FSS estimates that the combination of upfront commissions and low target returns resulted in banks receiving 7.2 times more in commissions than what would be appropriate for their customers.* This article has been translated by AI. 2026-07-31 16:36:00
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Unionized workers at Kakao Bank stage first-ever strike amid wage dispute SEOUL, July 31 (AJP) - Unionized workers at KakaoBank launched a strike on Friday, marking the bank's first walkout since its establishment in 2017 as the country's first internet-only bank. More than 700 of KakaoBank's roughly 1,000 unionized workers took part in the strike by taking paid leave and staying off the job. No separate rally was held. The bank's labor union said it is discussing its next steps internally. The strike came after the union had been negotiating with management over wages since earlier this year but was unable to narrow differences over bonuses and annual pay raises. Details of the talks were not disclosed, but the two sides reportedly discussed annual pay raises of around 5 percent to 6 percent and failed to reach an agreement. Despite the strike, customers appeared to face little disruption as the bank operates entirely online, with no strike-related complaints reported so far. 2026-07-31 16:20:00 -
Samsung SDS and LG CNS Report Growth in AI and Cloud Demand Samsung SDS and LG CNS have reported positive results in their artificial intelligence (AI) and cloud businesses, driven by increasing demand for corporate AI transformation (AX). As the domestic system integration (SI) industry expands into AI data centers and graphics processing unit (GPU) services, external business targeting finance, public sectors, and manufacturing is also growing.According to industry sources on July 31, LG CNS recorded second-quarter revenue of 1.52 trillion won and operating profit of 127.9 billion won, marking a 4.2% increase in revenue compared to the same period last year. However, operating profit decreased by 9.2%, attributed to strategic investments for future growth and the postponement of some project contracts to the second half of the year.Samsung SDS reported provisional second-quarter revenue of 3.72 trillion won and operating profit of 231.8 billion won, reflecting growth in IT services and logistics, with increases of 5.9% and 0.7%, respectively, year-on-year.As demand for AI infrastructure and operational systems from businesses and public institutions rises, both companies are expanding their external business. The SI sector is evolving from system construction to providing AI computational resources and operating data centers. Samsung SDS is focusing on computational resource services and financial and public AX, while LG CNS is expanding its business around data center design, construction, and operation (DBO) as well as manufacturing and logistics AX.Samsung SDS is enhancing its competitive edge by focusing on an 'AI full stack' that encompasses AI infrastructure, AX, AI services, and AI platforms and solutions. The growth in IT services during the second quarter was primarily driven by cloud services, which saw a 5% increase in revenue to 1.76 trillion won.With rising demand for GPU services from Samsung Cloud Platform and public and external clients, revenue from cloud service provision increased by 24%. The expansion of AX in the financial sector and enterprise resource management in shipbuilding also contributed to a 17% growth in cloud management services. Notably, external cloud revenue surged by 75% compared to the previous year.In the first half of the year, LG CNS's AI and cloud revenue reached 1.67 trillion won, a 5.1% increase year-on-year. Major AI data center projects in Samseong and Jukjeon, along with AX in finance and public sectors and smart factory automation in manufacturing and logistics, contributed to this growth.LG CNS has been expanding its DBO business, which involves designing, constructing, and operating data centers. In the first half, it secured over 1 trillion won in large DBO contracts and introduced modular AI data centers that shorten construction periods. Smart factory projects previously secured in defense and shipbuilding sectors also converted into revenue during the first half.Both companies plan to continue expanding their AI infrastructure and AX businesses in the second half of the year. Samsung SDS aims to enhance its AI infrastructure services based on GPU and neural processing units (NPU), while LG CNS plans to broaden its scope in DBO and overseas AX projects.In July, Samsung SDS launched a subscription service based on its domestic NPU 'Renegade' from FuriosaAI, expanding its AI computational infrastructure offerings. In the long term, it aims to increase its current AI infrastructure capacity from 110 megawatts (MW) to 230 MW by 2029, and to over 800 MW by 2031, including its DBO business.LG CNS plans to complete its AI data center in Indonesia in the second half of the year to establish a reference for its overseas AI data center business, using it as a stepping stone for additional contracts. For its overseas AX business, it intends to expand manufacturing AX in North America and financial digital transformation projects in the Asia-Pacific and Japan regions.* This article has been translated by AI. 2026-07-31 16:20:00
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NMIXX to make Japan debut with 'N=MIXX' SEOUL, July 31 (AJP) - NMIXX will officially enter the Japanese market later this year with the release of its first Japanese best album, "N=MIXX," as the JYP Entertainment girl group expands overseas following a year of international touring and growing recognition from global music publications. JYP Entertainment said Friday that "N=MIXX" will be released on Dec. 9, marking the six-member group's official Japanese debut — roughly four years and nine months after its 2022 Korean debut, one of the longer gaps among JYP's acts to make the jump to Japan. The 12-track compilation will include Japanese-language versions of previously released songs, including the title track from "Blue Valentine," NMIXX's debut full-length album in Korea. As with past JYP debuts in Japan, the group's introduction to the market takes the form of a self-titled best album rather than new original material. Rather than serving as a simple collection of past releases, the album is designed to introduce NMIXX's catalog to Japanese audiences in one sweep, drawing on songs that span the group's career, from its 2022 debut single "AD MARE" to this year's "Heavy Serenade." The Japanese debut comes as NMIXX continues its first world tour, "EPISODE 1: ZERO FRONTIER," which opened at Incheon's Inspire Arena last November. Ahead of the album's release, the group will perform two concerts at Tokyo's Keio Arena on Aug. 8 and 9, marking its largest standalone performances in Japan to date. NMIXX has steadily built its international profile over the past year. The group's "Fe3O4: FORWARD" and "Blue Valentine" drew favorable reviews from overseas outlets including NME, Dazed and Teen Vogue, while its latest EP, "Heavy Serenade," was ranked No. 3 on Billboard's list of the best K-pop albums of the first half of 2026. The EP's track "Crescendo" also placed No. 5 among the outlet's best K-pop songs of the same period. Since debuting in 2022, NMIXX has built its identity around blending multiple genres and vocal styles within a single track, an approach JYP calls "MIXX POP." The Japanese debut marks the group's latest step in expanding its footprint beyond South Korea, following performances across Asia, North America and Europe. 2026-07-31 16:17:45 -
Red Velvet returns as full group with summer EP 'Velvet Summer' SEOUL, July 31 (AJP) — K-pop girl group Red Velvet will return as a full group on Aug. 3 with "Velvet Summer," its first five-member release in more than two years, marking a return to the summer season that helped establish the act as one of K-pop's defining warm-weather groups. SM Entertainment said Friday that the five-track EP and its lead single, "Surfin' Boy," will be released at 6 p.m. KST on Aug. 3. The comeback is the group's first release featuring all five members since "Cosmic," which came out in June 2024. Rather than revisiting the bright, high-energy sound of earlier hits such as "Red Flavor," "Power Up" and "Umpah Umpah," the title track blends bossa nova guitar, reggae rhythms and house grooves in a more laid-back take on Red Velvet's signature summer sound. SM said the song highlights a more mature side of the group's seasonal musical identity. The EP also brings together several of Red Velvet's longtime creative collaborators. Member Joy, who has increasingly participated in songwriting through her solo work, wrote the lyrics for both "Surfin' Boy" and "Hawaii." Veteran songwriter and producer KENZIE, whose previous credits include "Red Flavor," "Peek-A-Boo" and "Psycho," contributed lyrics and composition for "Hot Girls Cold Vibe." Producer Hwang Hyun and lyricist Jo Yoon-kyung, both longtime collaborators with the group, also contributed to the album with "Orchestra" and "Hula Hoop." Ahead of the release, Red Velvet will hold a three-day fan concert at Korea University's Hwajeong Gymnasium in Seoul from July 31 through Aug. 2, where "Surfin' Boy" is scheduled to receive its first live performance. Originally planned as a two-day event, the fan-con was expanded after tickets sold out, with the additional show also reaching full capacity. The final performance will be livestreamed globally through Beyond LIVE and Weverse. The group will also host a countdown livestream on its YouTube and TikTok channels beginning at 5 p.m. KST on Aug. 3, ahead of the album's release. SM said "Level Up Project," Red Velvet's reality series, will return later this year with its sixth season, the first new installment in about four years. Since debuting in 2014, Red Velvet has become one of K-pop's best-known summer acts with songs including "Red Flavor," "Power Up" and "Queendom." While the group has alternated between its bright "Red" concept and its more refined "Velvet" identity throughout its career, "Velvet Summer" aims to bring those two sides together in a single, unified sound. 2026-07-31 16:17:27 -
Stray Kids to kick off 2026 comeback with self-produced EP 'THIS & THAT' SEOUL, July 31 (AJP) - Stray Kids will return on Aug. 7 with "THIS & THAT," the group's first release of 2026, following a year of stadium tours, international festival appearances and record-setting success on the Billboard 200. JYP Entertainment said Friday that the group will release the EP and its title track, "This & That," at 1 p.m. KST on Aug. 7. The eight-track project marks another self-produced release for the group, with in-house unit 3RACHA — Bang Chan, Changbin and Han — credited across every song, including the pre-release single "Run It" and a festival remix of the title track. JYP said the album highlights the group's versatility while continuing the self-produced approach that has defined Stray Kids since its 2018 pre-debut single "Hellevator." The rollout comes less than two weeks after Stray Kids opened its RUN IT world tour with five sold-out concerts at Seoul's KSPO Dome. The tour next heads to Japan, where the group is scheduled to become the first overseas male act to headline Tokyo's National Stadium, before continuing through Nagoya, Osaka, Fukuoka, Hong Kong, Taipei, Bangkok and Singapore into early 2027. The group is also set to headline Rock in Rio in Brazil this September and launch STRAYCITY, a fan festival built around Stray Kids, with stops planned in Bogotá, Buenos Aires and Mexico City. The comeback follows a milestone year for the group. Both of last year's releases — the fourth studio album "KARMA" and the mixtape "DO IT" — debuted at No. 1 on the Billboard 200, making Stray Kids the first act to send eight consecutive releases straight to No. 1 on the chart. The group's dominATE world tour also finished No. 2 on Pollstar's year-end ranking of global concert tours and No. 10 on Billboard's Top Tours chart for 2025, the highest placements achieved by a K-pop act on either list. That momentum has carried into 2026. In June, Stray Kids became the first K-pop act to headline New York's Governors Ball Music Festival, performing before a crowd of about 45,000. 2026-07-31 16:17:19