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Police scandals test Korea's sweeping prosecution reform SEOUL, September 02 (AJP) - South Korea carried out a sweeping reshuffle of senior police officials Tuesday, replacing 14 of the country's 18 regional police chiefs, as public distrust of police investigations deepens over a scandal on Jeju Island involving the false closure of missing-person cases. The shake-up came before South Korea's 78-year-old Prosecution Service is set to disappear on Oct. 2, adding urgency to questions over how police investigations will be checked under a new criminal justice system that will strip prosecutors of the power to conduct supplementary investigations themselves. Those concerns have been further fueled by a botched murder investigation in Gwangju. The scandals have erupted at a particularly sensitive moment for the country's criminal justice system, as the government prepares to dismantle the Prosecution Service, established in 1948, and redistribute its investigative and indictment functions between separate agencies. Neither case was caused by the prosecution reform itself, and supporters of the overhaul stress that the new system contains mechanisms allowing prosecutors to scrutinize police investigations and demand additional investigative work. Still, the cases have intensified a broader debate over how police should be checked once prosecutors lose the power to conduct supplementary investigations themselves. The first controversy centers on Jang Yoon-gi, who was accused of killing a high school girl in Gwangju in May. Police initially sent the case to prosecutors on a murder charge, but a subsequent prosecutorial investigation led to Jang being indicted on a more serious rape-murder charge. Prosecutors also uncovered circumstances suggesting possible collusion between members of the original police investigation team and Jang's father, himself a police officer, as well as alleged evidence concealment. The case immediately became ammunition for critics of eliminating prosecutors' supplementary investigative authority, who argued that crucial allegations might never have surfaced without a second layer of investigation. The second scandal broke on Jeju, where a police officer was arrested after allegedly closing missing-person cases without properly confirming the whereabouts of those reported missing. Jeju police reviewed 298 missing-person cases the officer had closed while serving on a missing-persons team between March 2025 and July this year and identified 25 additional cases suspected of having been falsely closed. In 10 of them, the cases were allegedly closed even though police had not contacted the missing people. In another 15, people who were alive were recorded as dead in the police missing-person profiling system. All 25 people identified in the additional review were eventually confirmed to be safe. The officer told investigators that he had regarded the missing people as ordinary adults who would likely return on their own and that he felt burdened by the work required to keep cases open and hand them over, according to Jeju police. The revelations followed nationwide outrage over the handling of the disappearance of Jang Mi-ran, 37, whose case was closed only hours after she was reported missing in May after the officer falsely claimed that police had contacted her. She was later found dead. Another missing man whose case was handled by the same officer was also subsequently found dead. The Democratic Party (DP), however, rejects suggestions that the incidents demonstrate a fundamental flaw in its prosecution reform. "The Jang Yoon-gi case in Gwangju and the false closure of the missing-person case in Jeju have nothing to do with prosecution reform," Rep. Seo Young-kyo of the ruling DP, chair of the National Assembly's Legislation and Judiciary Committee, said. "Under the Democratic Party's amendment to the Criminal Procedure Act, if police officers do something wrong, they are punished, and if a police investigation is insufficient, prosecutors can request supplementary investigation," Seo said. "Police conduct the investigation in the first instance, and prosecutors then request supplementary investigation and review the facts before deciding whether to indict, followed by a trial," she said. "We have designed the system with multiple layers of scrutiny." The DP's legislation abolishes prosecutors' authority to personally conduct supplementary investigations but retains and strengthens their authority to request that police perform additional investigation. Under the legislation, police are required to comply with prosecutors' requests for supplementary investigation and report the results, while prosecutors also retain mechanisms to seek corrective measures or reinvestigation. Critics argue that being able to order police to investigate further is fundamentally different from allowing prosecutors to directly pursue overlooked evidence themselves. "I have also criticized prosecutors' monopoly over investigative authority, but I oppose completely stripping them of their supplementary investigative authority because that would create another monopoly — a police monopoly over investigations," Yoo Seong-min, a former four-term lawmaker of the main opposition People Power Party (PPP), said. "Investigative authority is an immensely powerful state power that has a profound impact on people's lives, safety and fundamental rights," Yoo said. "Police officers have not received the same specialized legal education as prosecutors, so there is a greater possibility of abuse of investigative authority outside the bounds of the law, disregard or distortion of due process, or cases being buried," he said. "The public will bear the consequences." "The only solution is to restore prosecutors' supplementary investigative authority," Yoo added. The debate stands in contrast to the U.S. criminal justice system, where prosecutors and law enforcement agencies frequently work together during investigations and prosecutors can demand additional investigation before deciding whether to bring charges. "In white-collar cases — fraud, corruption, etc. — I can't imagine a prosecutor not being integrally involved in an investigation from the very beginning," said Daniel Richman, the Paul J. Kellner Professor of Law at Columbia Law School and a former federal prosecutor in the U.S. Attorney's Office for the Southern District of New York. "Generally, in street crime cases, the investigation is largely done by the police," Richman said. But the relationship changes as cases become more complex. "For big cases, like homicides, the bigger prosecutors' offices often have their own squads of detectives, since the police's view of what evidence is sufficient may be quite different from a prosecutor's," he said. Drawing on his experience at the Southern District of New York, one of the United States' most prominent federal prosecutor's offices, Richman said prosecutor involvement from the outset was standard in sophisticated cases. "In my old office, the Southern District of New York U.S. Attorney's Office, which is nationally known for its white-collar expertise, it would be extremely uncommon for a prosecutor not to be involved from the start," he said. Asked whether American prosecutors have powers comparable to South Korea's concept of supplementary investigation, Richman said they do. "If a prosecutor thinks the evidence is insufficient to go before a jury, she will almost invariably tell the police that she can't proceed without further investigation, unless she wants to simply decline to prosecute," he said. U.S. prosecutors also have powerful tools to develop evidence themselves or to direct how evidence is obtained, particularly in federal investigations. "Prosecutors completely control the grand jury process," Richman said. "Indeed, agents generally, with some exceptions involving administrative subpoenas, lack the legal power to force disclosure of evidence or testimony on their own." Prosecutors also generally seek search warrants from judges based on information supplied by federal agents, he said. When prosecutors conclude that a police investigation is inadequate, there is little ambiguity about what they can do. "They can send the case back, or simply decline to prosecute," Richman said. Richman placed particular emphasis on the benefits of prosecutors and investigators approaching the same case from different institutional perspectives. "Each side brings a critical perspective — the police are closer to the facts, the prosecutor is closer to the courts," he said. "Neither can function without the other, and each can check the other, identifying blind spots, even corruption." The relationship becomes especially important in complex investigations, Richman said, because U.S. prosecutors exercise control over legal mechanisms that investigators alone cannot deploy. "Particularly because, in sophisticated cases, prosecutors control important investigative tools — search warrants, grand juries, and the charges that can be used to obtain information from conspirators — complete separation, at least in the U.S., would mean the end of corruption, fraud, and many national security cases," he said. Richman also pointed beyond the United States, saying other countries have recognized the value of close cooperation between prosecutors and investigators, citing collaboration in rape cases in Britain. His comments were an explanation of how the U.S. system operates and the risks of completely separating investigation from prosecution, rather than a direct assessment of South Korea's legislation, which preserves prosecutors' power to request additional police investigation. That distinction is now at the center of Korea's debate: whether the power to review an investigation and send it back to police is sufficient to protect suspects and victims — or whether prosecutors must retain the ability to pursue missing evidence themselves. With the current Prosecution Service due to disappear on Oct. 2, the Gwangju and Jeju scandals have turned that institutional question into an immediate test of public confidence in Korea's new criminal justice system. AJP Takeaways South Korea’s prosecution reform faces renewed scrutiny after botched police investigations in Gwangju and Jeju raised concerns over how police will be checked once the 78-year-old Prosecution Service is abolished on Oct. 2. The ruling Democratic Party says prosecutors will retain strong oversight powers, including the authority to demand supplementary police investigations, while critics argue that requesting further investigation is fundamentally different from prosecutors being able to pursue missing evidence themselves. U.S. legal practice offers a contrasting model in which prosecutors and investigators often work closely on complex cases, with Columbia Law School professor and former federal prosecutor Daniel Richman stressing that each side can check the other and identify investigative blind spots or corruption. 2026-09-02 11:26:40
Korean banks' bad loans hit 8-year high SEOUL, September 02 (AJP) - South Korean banks' bad loans climbed to their highest level in eight years at the end of June as lending to small and midsized businesses sour amid rising interest rates. Nonperforming loans (NPLs), or loans that borrowers are struggling to repay, reached 18.9 trillion won ($13.8 billion) at the end of June. The amount was up 1.2 trillion won from three months earlier, according to data released Wednesday by the Financial Supervisory Service (FSS). The total was the largest since June 2018, when it stood at 19.4 trillion won. The watchdog said banks remained financially sound overall but called for closer monitoring as bad loans continued to rise in vulnerable sectors and economic uncertainty persisted. The increase pushed the industry's NPL ratio to 0.63 percent from 0.60 percent at the end of March. The ratio measures bad loans as a share of banks' total lending and is widely used as an indicator of asset quality. Corporate lending accounted for most of the deterioration. Troubled business loans increased by 1 trillion won over the quarter to 15.2 trillion won, the largest amount since March 2019. The corporate NPL ratio rose 0.03 percentage point to 0.77 percent, its highest level since March 2021. The increase came as more borrowers fell behind on their repayments during the second quarter. Banks reported 7.2 trillion won in new bad loans, up 1.7 trillion won from the previous quarter. Businesses accounted for 5.7 trillion won of the new bad loans, up 1.6 trillion won from the previous quarter. Small and midsized companies made up 4.5 trillion won, an increase of 1.2 trillion won. The figure for large companies rose by 400 billion won to 1.2 trillion won. That pressure was also evident in NPL ratios. The ratio for small and midsized businesses rose 0.04 percentage point to 0.92 percent, while the figure for large companies increased 0.03 percentage point to 0.53 percent. Within the smaller-business segment, the ratio for incorporated companies climbed 0.05 percentage point to 1.08 percent. The figure for sole proprietors edged up 0.01 percentage point to 0.67 percent. Household bad loans rose more modestly, increasing by 100 billion won to 3.4 trillion won and lifting the NPL ratio by 0.01 percentage point to 0.33 percent. The ratio for mortgage loans remained unchanged at 0.22 percent. While the figure for other household borrowing, including unsecured loans, rose 0.01 percentage point to 0.67 percent. Credit card loans showed a larger increase in the NPL ratio, rising 0.06 percentage point to 1.88 percent, while the amount of bad loans remained unchanged at 300 billion won. Banks cleared 6.1 trillion won in bad loans during the second quarter, up 1.7 trillion won from the previous quarter. At the end of June, they also had 26.9 trillion won set aside to cover possible loan losses, up 200 billion won from three months earlier. Even so, reserves relative to bad loans fell to 142.9 percent at the end of June, down from 150.4 percent at the end of March. AJP Takeaways • South Korean banks' nonperforming loans reached 18.9 trillion won ($13.8 billion) at the end of June 2026, the largest amount since June 2018, according to the Financial Supervisory Service. • Corporate nonperforming loans rose to 15.2 trillion won at the end of June 2026, with small and midsized businesses accounting for 4.5 trillion won of new bad loans in the second quarter. • South Korean banks held 26.9 trillion won in loan-loss reserves at the end of June 2026, while reserves relative to bad loans fell to 142.9 percent from 150.4 percent at the end of March 2026. 2026-09-02 11:25:22
Foreign workforce hits record high amid rising manufacturing demand SEOUL, September 2 (AJP) - South Korea's foreign resident population rose 6.3 percent from a year earlier to more than 2.9 million as of July, while the number of foreign workers living and working in the country reached a record high. A total of 287,424 foreign workers holding E-9 non-professional employment visas were staying in South Korea as of July, according to data from the Ministry of Employment and Labor released on Wednesday. The figure has steadily increased from 159,463 in 2021 to 203,121 in 2022, 247,191 in 2023, 271,925 in 2024 and 282,839 last year. Manufacturing accounted for the overwhelming majority, with 229,844 workers or 80 percent of the total. Agriculture and livestock farming followed with 33,878 workers, or 11.8 percent, while 15,441 worked in fisheries and 6,724 in construction. Only 1,410 or 0.5 percent were employed in the service sector. South Korea allows small and midsized companies that have difficulty finding local workers to hire foreign workers. The annual quota for foreign workers increased sharply after the coronavirus pandemic worsened labor shortages, rising from 69,000 in 2022 to 120,000 in 2023 and 165,000 in 2024. The quota was later cut to 130,000 last year and 80,000 this year as labor demand weakened amid the economic slowdown. But industry-level mismatches remain pronounced. As of July, employers applied for permits to hire 38,998 foreign workers, with permits issued for 31,986, or 82 percent. In the service sector, however, only 333 of 564 applications were approved, for an issuance rate of 59 percent. AJP Takeaways • South Korea's E-9 foreign worker population reached a record 287,424 as of July 2026, as the country's total foreign resident population surpassed 2.9 million. The number of E-9 visa holders has risen nearly 80 percent from 159,463 in 2021, highlighting South Korea's growing reliance on foreign labor amid persistent workforce shortages. • Manufacturing employs 80 percent of South Korea's E-9 foreign workers, making factories the biggest users of the Employment Permit System. Of the 287,424 E-9 visa holders in the country, 229,844 work in manufacturing, followed by 33,878 in agriculture and livestock farming, 15,441 in fisheries and 6,724 in construction. • South Korea cut its 2026 E-9 foreign worker quota to 80,000 as the economy slowed, but labor shortages and industry mismatches remain. Employers received permits for 82 percent of foreign worker applications as of July, while the service sector recorded a much lower approval rate of 59 percent. 2026-09-02 11:24:42
Lara Station Appoints Hwang Kyung-joo as New COO to Expand North American Fandom Commerce AI data-driven global fandom commerce platform Lara Station has appointed Hwang Kyung-joo, former CEO of Artist Company, as its new Chief Operating Officer (COO).Hwang is a seasoned executive with experience leading companies listed on both the New York Stock Exchange (NYSE) and KOSDAQ. He has served as the country head for Assurant Inc. in South Korea, president of EM Tech, and CEO of Artist Company (Artist United).While serving as vice president and head of the healthcare division at Dongkuk Pharmaceutical, he oversaw the Centellian dermacosmetic and personal care product lines, enhancing sales channels across home shopping, online, and offline platforms.Hwang also has experience in the North American market. As the head of LG Electronics' North American communications division, he managed the P&L for mobile phone products, including the QWERTY messaging phone and Chocolate phone, achieving annual sales of 6.5 trillion won and an operating profit of 1 trillion won.He spent 14 years living abroad in cities like San Diego and London, later serving as a senior advisor at LG Uplus, where he focused on building partnerships with global companies like Netflix and collaborating with North American telecommunications firms.Lara Station is a commerce platform that supports the international expansion of domestic brands by combining a global influencer network with K-content intellectual property (IP) and data.Currently, it co-produces the comprehensive entertainment channel ENA and the national sales commerce league X The League, which has recently surpassed 70 billion won in cumulative sales.With this new appointment, Lara Station plans to accelerate its global commerce initiatives, particularly expanding its network from Asia to North America, South America, and Europe, while enhancing its marketing capabilities based on AI data analysis.Hwang stated, "Lara Station is leading the paradigm of the global e-commerce ecosystem as a fandom commerce platform that combines a unique global influencer network with AI data technology. I am committed to leveraging my decades of experience in North America and my management background with major listed companies to help Lara Station become a dominant leader in the global commerce market."Lee Cheol-ho, CEO of Lara Station, remarked, "Hwang's joining, with his extensive experience leading companies that meet global standards like those on the NYSE, will provide a strong momentum for Lara Station's quantum leap. We expect to accelerate our efforts in the North American market and expand the global fandom commerce platform ecosystem, starting with X The League."* This article has been translated by AI. 2026-09-02 11:16:00
Police Officer Placed on Leave Amid Investigation of Drug Smuggling Case Baek Hae-ryong, a police officer who raised allegations of external pressure in a customs drug investigation, has been placed on leave. The police explained that this action was taken at the request of the internal inspection department, but Baek has expressed opposition, stating that he has effectively been removed from his duties while the verification process for the first chief of the Serious Crimes Investigation Agency is underway.According to the Seoul Metropolitan Police Agency, Baek was assigned to the Planning Division of the Police Administration Bureau as of today. He has been serving as the head of the Hwajeong District Police Station in Gangseo, Seoul.A police official stated, "This is a measure taken at the request of the inspection function." Baek is under investigation for allegedly leaking investigation records related to the customs drug case and for sharing unredacted materials with the media and on social media.Previously, a joint investigation team from the Eastern District Prosecutor's Office, which was looking into allegations of drug smuggling involving customs officials, requested disciplinary action against Baek, claiming he violated various laws and leaked investigation information during his assignment. The Seoul Metropolitan Police began its internal investigation in January. The results of the investigation and the specifics of any disciplinary measures have not yet been disclosed.Baek raised questions about the timing of his leave. He stated on Facebook, "I have been undergoing the candidate verification process since August 28, following a recommendation from the public, and I am currently being vetted by the Presidential Office."He continued, "At a time when the personnel verification is in full swing, the Seoul Metropolitan Police ordered me to be on leave, effectively excluding me from my current position and initiating disciplinary procedures."Baek also inquired whether Park Jeong-bo, the chief of the Seoul Metropolitan Police, was aware of his candidacy and the verification process. He asked, "If you knew, why now?" He requested clarification on who issued the order for his leave and the basis for any disciplinary requests, but he received no response.Concerns have also been raised about a potential connection between this personnel action and the controversy surrounding the transfer of the 2023 customs drug investigation. Park was in a supervisory position when the transfer was considered while serving as the deputy chief of the Seoul Metropolitan Police.Baek noted, "At that time, the chief of the Seoul Metropolitan Police was Kim Kwang-ho, and the judgment and directives from the chain of command, including Kim Bong-sik, the head of the investigation department, and Park Jeong-bo, the deputy chief, were publicly questioned." He added, "Now, three years later, I am receiving a leave of absence while Park, who was the deputy chief at that time, is the chief of the Seoul Metropolitan Police."Baek expressed concern that the leave of absence could affect his eligibility for the chief position of the Serious Crimes Investigation Agency. He stated, "I cannot help but strongly question whether this is being used as a means to exclude me from candidacy. I will not avoid the verification and disciplinary procedures, but the public recommendation and the official verification process of the state should be respected until the verification is complete."However, there has been no official confirmation from the government regarding Baek's inclusion in the candidate pool for the chief of the Serious Crimes Investigation Agency. The claim of a connection between his leave of absence and the candidate verification remains an allegation raised by Baek.Baek previously worked as the head of the Criminal Investigation Division at the Yeongdeungpo Police Station in Seoul, investigating allegations of collusion between a Malaysian drug smuggling organization and customs officials at Incheon International Airport. He has claimed that he faced external pressure from police leadership during the investigation.Baek joined the joint investigation team established at the Eastern District Prosecutor's Office in October of last year but ended his assignment after about three months, expressing dissatisfaction with the lack of effective investigative authority granted by the leadership, including Im Eun-jung, the chief prosecutor.In February, the joint investigation team announced its final findings, concluding that the allegations of involvement by customs officials raised by Baek were unfounded. They also criticized Baek for allegedly directing the investigation away from the actual truth.In response, Baek filed a complaint against Chief Prosecutor Im last month, claiming that the public announcement of the investigation results defamed his character and damaged his reputation, citing abuse of authority and defamation.* This article has been translated by AI. 2026-09-02 11:12:20
Government Unveils Stronger Measures to Combat Child Abuse In response to the tragic death of an 11-year-old child with disabilities due to abuse, the government has introduced robust measures to close gaps in child abuse response. From now on, if a child abuse report is received more than twice a year, immediate separation from the parents will be prioritized.Additionally, the system will be revised to ensure that abuse histories are checked for children exempted from school attendance. The number of dedicated shelters for abused children and infants will also be significantly increased to provide better protection for at-risk children.The Ministry of Health and Welfare announced these measures on September 2, in collaboration with the Ministry of Education, the Ministry of Justice, the Ministry of the Interior and Safety, and the National Police Agency. These measures aim to quickly address the shortcomings in on-site responses revealed by the recent case in Cheonan, where a child with a history of abuse was exempted from school attendance and subsequently died.Immediate Separation Priority for Repeat Abuse ReportsThe most significant change is the expedited process for separating children from abusive situations. Previously, when abuse reports were made, police would conduct an initial assessment and briefly relay the results to local governments, making it difficult for officials to assess risk and make timely separation decisions.Going forward, police will promptly share detailed information about reports with local governments from the outset. In cases where there are clear signs of repeated abuse, such as receiving more than two reports in a year, immediate protective measures will be prioritized. This month, operational manuals will be revised to reflect these changes.First Vice Minister Hyun Soo-yeop stated during the briefing, "We aim to ensure that the details of reports are shared comprehensively, allowing local governments to make more proactive separation decisions."To enhance on-site response capabilities, the number of dedicated child abuse officials in cities and counties will increase by 113 to a total of 863 next year, and their activity allowances will double from 50,000 won to 100,000 won per month.Mandatory Abuse History Checks for Exempted ChildrenOne major issue in the Cheonan case was that the education office was unaware of the child's past abuse history when granting an exemption from school attendance.In the future, when applications for exemptions or deferrals from school attendance are submitted, the relevant authorities will be required to check the child's abuse report history. The education office will also conduct thorough checks on the whereabouts and safety of children who are currently not attending school to cross-reference abuse histories.Children identified as high-risk will be closely monitored and protected through joint efforts by child protection agencies, police, and local governments.Expansion of Shelters for Abused Children and InfantsThe government will significantly increase the number of dedicated shelters for children with disabilities and infants who have been abused, addressing the shortage of safe spaces.To fill the gap left by the existing 12 shelters for abused children, 18 additional shelters will be renovated and established as specialized facilities for children with disabilities and infants by next year.Furthermore, measures will be implemented to prevent abusive parents from refusing case management services. Previously, there were limited options for enforcing compliance when parents declined assistance, but now, if they refuse without valid reasons, child protection agency counselors, along with dedicated officials and police, will conduct joint home visits to ensure compliance.Vice Minister Hyun emphasized, "Creating an environment where children can grow up safely is a fundamental responsibility of the state. We will implement these supplementary measures swiftly and thoroughly to establish a robust safety net against child abuse."* This article has been translated by AI. 2026-09-02 11:12:10
Shinsegae's Yong-jin Jung to Launch First Aman Hotel in Seoul's Cheongdam-dong Yong-jin Jung, chairman of Shinsegae Group, is making a bold move in high-end space development by introducing the global luxury hospitality brand Aman to South Korea. This initiative aims to expand Shinsegae Property's business from shopping malls to global luxury real estate development.On September 2, Shinsegae Property and Aman announced plans to develop 'Aman Seoul' in Cheongdam-dong, Gangnam-gu, Seoul. The facility will feature an eight-story underground and 38-story above-ground structure, covering approximately 70,000 square meters. It will include a hotel, 49 branded residences, and retail and cultural spaces. An exclusive 'Aman Club' will also be established, featuring a members-only swimming pool, fitness center, and lounge.Shinsegae Property will oversee the project, handling planning, strategy, and overall development, while Aman will be involved in design, architecture, and operations. After completion, Aman will manage the hotel, residences, and community facilities through a long-term lease agreement.Aman Seoul aims to create a high-end lifestyle space that combines hotel accommodations, residences, and a members-only community, going beyond a typical luxury hotel. It will offer spa and wellness facilities along with global dining programs, integrating Korean aesthetic principles with Aman's design philosophy to create an 'urban sanctuary.'Aman operates urban projects that combine hotels, residences, and members-only communities in major cities like Tokyo, New York, and Bangkok. The company plans to expand into Beverly Hills, Miami Beach, Dubai, and Singapore, with Seoul included in its global expansion strategy.This project aligns with Jung's efforts to restructure Shinsegae Property. The company, which has built its capabilities around large shopping mall developments like Starfield, is now venturing into ultra-luxury hotels and branded residences.In June, Jung took on the role of CEO at Shinsegae Property, marking his return to management. He has since partnered with the global real estate development firm OKO Group to cultivate luxury hospitality development as a new growth driver.In July, a joint venture agreement was signed between Shinsegae Property and Vladislav Doronin, chairman of OKO Group, to establish a partnership with an initial investment of $500 million (approximately 750 billion won) for developing Aman and Janu hotels and residences in Asia and North America. The collaboration will also expand into domestic and international commercial real estate development.Aman Seoul is expected to be a flagship project that materializes this global high-end development strategy in South Korea. Shinsegae Property will gain valuable development experience that can be applied to future overseas projects, with a global luxury brand directly involved in design and operations.Jung stated, "Aman Seoul will be a new milestone in Seoul's high-end lifestyle beyond hotel development. We will continue to create innovative spatial value based on our differentiated development capabilities."Vladislav Doronin, chairman of Aman Group, remarked, "Seoul is a global city where culture, design, technology, and wellness converge. By creating a hotel, residences, and Aman Club together, we will provide customers with an urban sanctuary where they can experience both the dynamic energy of Seoul and the privacy of Aman."* This article has been translated by AI. 2026-09-02 11:12:10
BBQ Chairman Yoon Hong-geun Announces Global AI Strategy Yoon Hong-geun, chairman of Genesis BBQ Group, announced plans to establish a global management system that allows customers to experience consistent BBQ value and quality anywhere in the world, based on artificial intelligence (AI) and data.According to BBQ, Yoon made this statement during the company's 31st anniversary ceremony held on September 1 at the Chicken University in Icheon, Gyeonggi Province. He outlined future growth strategies aimed at enhancing global competitiveness, including 'AX Transformation' (AI transformation), 'Globalization 2.0', and 'Sustainable Platform'.BBQ plans to apply AI and data to store operations, customer service, logistics, and quality management. The company aims to connect key data to improve decision-making speed and operational efficiency while reducing the operational burden on franchise owners. According to the company, AI will be used as a tool to support store operations and employee judgment rather than as a replacement for human workers.The AI-driven management innovation at BBQ has been anticipated since early this year. In his New Year’s address in January, Yoon stated, 'AI is not an option but the execution infrastructure for BBQ,' pledging to connect data across search, ordering, cooking, logistics, and organizational operations. BBQ completed the implementation of the SAP system last year and is also working on establishing a data-driven management system across sales, marketing, operations, and logistics.BBQ's overseas strategy will shift from simple expansion to localization and operational strengthening. Through 'Globalization 2.0', the company plans to maintain its unique taste and quality while adapting menus, consumption patterns, distribution environments, and store operations to the characteristics of each country. The goal is to build successful models with local partners to enhance both expansion speed and profitability.Food tech and robotics will also be gradually integrated into stores. The company plans to establish an operational model that reduces labor burdens and maintains consistent cooking and service quality through smart stores, automated cooking systems, and eco-friendly kitchens.Yoon emphasized, 'In global business, the key is not just to increase the number of stores but to create successful models that maintain BBQ's unique taste, quality, and brand philosophy in each market.' He added, 'AI is not a technology to replace people but a tool to help employees make faster and more accurate decisions, allowing franchise owners to focus on customer satisfaction and quality. We will combine talent, AI, and systems to create BBQ's unique competitiveness.'* This article has been translated by AI. 2026-09-02 11:12:00
Barun Law Firm to Host Webinar on Legal Strategies Amid Surge in Bankruptcy Filings Barun Law Firm (led by attorneys Lee Dong-hoon, Lee Young-hee, and Kim Do-hyung) announced on September 2 that its restructuring and bankruptcy team will host a webinar on September 16 titled "Legal Strategies in the Era of Rising Bankruptcy Filings – Focusing on Recent Systems and Practical Case Analysis."As uncertainty in both domestic and international economies continues, the number of corporate restructuring and bankruptcy applications has surged. According to court statistics, corporate restructuring applications rose from 717 in 2021 to 1,321 last year, with 731 applications recorded in the first half of this year.Bankruptcy filings skyrocketed from 955 in 2021 to 2,282 last year, with 1,299 filings in the first half of this year. In this context, Barun emphasizes the importance of swift and effective normalization strategies for debtor companies, as well as the legal capabilities to protect and realize the legitimate rights of creditors.The upcoming webinar aims to share practical legal strategies beneficial to corporate legal and debt management professionals, drawing on the extensive practical experience and success stories accumulated by Barun's restructuring and bankruptcy team. Key issues related to the denial of rights and recovery rights in restructuring processes, analysis of newly introduced bankruptcy systems, and practical responses to protect creditor rights will be thoroughly discussed.Jo Dong-hyun, head of the restructuring and bankruptcy team, will present on "Game Changers in the Restructuring and Bankruptcy Phase: Practical Strategies for Denial and Recovery Rights," while attorney Lee Eung-kyo will discuss "Pre-ARS Hybrid Restructuring and Creditor-led M&A Plans." Attorney Park Kyu-hee will present on "Practical Strategies for Maximizing Creditor Recovery Rates." Following the presentations, attorney Park Je-hyung will lead a Q&A session for attendees.The webinar will be streamed live on YouTube and participation is free. Interested individuals can register in advance through the "Webinar Registration" link, and access links will be emailed to registrants the day before the event. For more details and registration, inquiries can be directed to Barun Law Firm's public relations team at official@barunlaw.com.Founded in 1998, Barun Law Firm is one of South Korea's eight major law firms, renowned for its strength in litigation. The firm currently employs approximately 300 attorneys and offers a comprehensive range of legal services, including corporate advisory, fair trade, governance risk, M&A, inheritance, and asset management (Barun EP Center).* This article has been translated by AI. 2026-09-02 11:12:00
China's Second-Largest Foundry, Huahong, Announces Expansion of 50,000 Wafer Production China's second-largest foundry, Huahong Semiconductor, is set to expand its production capacity once again.Huahong's subsidiary, Huahong Hongli, announced on the evening of September 1 that it plans to establish a new semiconductor production line (Wuxi Phase 3) in Wuxi, Jiangsu Province. The new production line will have a capacity of 55,000 12-inch wafers per month, with a total investment of $4.1 billion. The company stated that this production line will focus on specialty process foundry services, producing power semiconductors, power management semiconductors, embedded and standalone non-volatile memory, and analog, logic, and RF semiconductors. These products are intended for use in AI data centers and autonomous vehicles.Huahong is rapidly expanding its 12-inch production capacity in Wuxi. A notable example is the Huahong 9 Factory (FAB9), part of the Wuxi Phase 2 project, which was completed last year. By the end of last year, its production capacity reached 40,000 12-inch wafers per month. Additionally, by the end of June, the company completed the installation of additional processing equipment, and it has announced that the new production line will begin operations in the third quarter of this year. Once operational, the production capacity will increase to 83,000 wafers per month.The Huahong 9 Factory announced another expansion plan in March. Equipment installation is scheduled for the fourth quarter of this year, with operations expected to commence next year. This line will also produce 55,000 12-inch wafers per month. Once this line is completed, the production capacity of the Huahong 9 Factory will rise to 138,000 wafers.In the first half of the year, Huahong Semiconductor reported revenue of $1.37846 billion, a 24.5% increase compared to the same period last year. Notably, gross profit surged by 83.2%, improving profitability. Net income reached $59.57 million, a 4.1-fold increase. Revenue from the power management platform grew by approximately 40%, while the embedded non-volatile memory platform saw an increase of over 40%, and the standalone non-volatile memory platform rose by about 80%. Huahong Semiconductor stated, "The demand related to AI is having a distinctly positive impact on our specialty process foundry business," and projected that demand will remain strong in the second half of this year and into 2027, with prices continuing to rise.* This article has been translated by AI. 2026-09-02 11:12:00