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Disgraced ex-president sentenced to 30 yrs in prison over drone-related charges SEOUL, June 12 (AJP) - Former President Yoon Suk Yeol was sentenced to 30 years in prison on Friday over one of several charges related to his botched martial law debacle in 2024. In a televised verdict, the Seoul Central District Court in southern Seoul found him guilty of ordering the dispatch of drones to North Korea several times in October 2024, about two months before his Dec. 3 declaration of martial law. The court determined that the drone dispatches were intended to escalate military tensions along the inter-Korean border in order to justify the declaration of martial law. Prosecutors had earlier sought a 10-year prison sentence for Yoon, and the court handed down the same sentence. The court also sentenced former Defense Minister Kim Yong-hyun to 30 years in prison for carrying out Yoon's orders to send drones into the North, higher than the 25 years sought by prosecutors. The court criticized Yoon for "betraying expectations" that a president should protect citizens' safety, saying his use of the military for personal purposes was "illegitimate" and heightened military tensions that could have led to military clashes and a security crisis on the Korean Peninsula. The court also said that he wasted military resources and weakened military readiness that should have been available for immediate deployment in an emergency. Yoon's lawyers, however, argued that the drone dispatches were a "legitimate" military response to North Korea's trash-carrying balloons sent into the South at the time, and vowed to appeal. Yoon, who was ousted from the presidency on April 4 last year after the Constitutional Court of Korea unanimously upheld his impeachment, was sentenced to life imprisonment last February on his main charges of insurrection and abuse of power but has also faced a string of separate trials related to the debacle. 2026-06-12 11:49:11 -
Moon Jeong-bok Criticizes Kim Min-seok: 'The Democratic Party Is Not a Factional Party' Moon Jeong-bok, a senior member of the Democratic Party, criticized Prime Minister Kim Min-seok, who is expected to compete with party leader Jung Cheong-rae in the upcoming August convention, stating, "The unity of the party must come before individual political stability." In contrast, Jung emphasized unity by referencing President Lee Jae-myung. During a Supreme Council meeting held in Gwangju on June 12, Moon urged caution, saying, "As we approach the convention, we must be more prudent. Concerns for the party should be expressed through vision, not division." He pointed out, "In the current situation where President Lee is on an overseas trip, it is not urgent for the acting prime minister to attend a party workshop." Moon further stated, "Governance should be handled appropriately, and party competition should be left to the party's procedures and judgments, which is fundamental to democracy. Any remarks or actions should not be misinterpreted as burdensome to party duties." He asserted, "The Democratic Party is not a factional party. It is a party of its members and is responsible for the lives of the people, and we will steadfastly uphold the sovereignty of our members." Amid internal conflicts over Jung's proposal for a one-member, one-vote system, Moon's comments appear to address these tensions. He explained, "The one-member, one-vote system is not a mechanism for any one person or specific faction; it is established on the principle that the party belongs to its members." However, Jung responded at the meeting, stating, "President Lee often mentioned that our party's small differences are greater than those of our opponents, emphasizing unity." He added, "Different does not mean wrong. We should not claim that differences are wrong, and I hope we can become a more inclusive Democratic Party that acknowledges each other's differences." The day before, some lawmakers reportedly called for Jung's resignation during a party meeting, highlighting accountability for the results of the June 3 local elections and by-elections, indicating a need for damage control. Jung's remark that "the people are eternal, and power is short-lived" has also stirred controversy. 2026-06-12 11:48:00 -
Daewoo Engineering Completes Indorama Fertilizer Plant No. 3 in Nigeria Daewoo Engineering has completed the construction of Indorama Fertilizer Plant No. 3 in Nigeria on schedule. This project follows the successful completion of Plants No. 1 and 2, reaffirming the company's strong track record in the local plant market. The company announced on June 12 that it has finished the construction of the "Indorama Fertilizer Plant No. 3" near Port Harcourt in Rivers State, Nigeria. This project was commissioned by IFFZE, the Nigerian subsidiary of the global petrochemical group Indorama. Daewoo Engineering established an ammonia production facility with a capacity of 2,300 tons per day and a urea fertilizer production facility with a capacity of 4,000 tons per day. The contract value is approximately $265 million, with a construction period spanning 32 months from October 2023 to May 2026. Daewoo Engineering also accelerated key production readiness stages. The introduction of natural gas occurred 14 days ahead of schedule, with ammonia production starting 16 days early and urea production beginning 19 days ahead of plan. Both the ammonia and urea plants achieved 100% operational capacity 13 days earlier than expected. Plant No. 3 represents a continuation of Daewoo Engineering's fertilizer plant projects with Indorama. The company previously secured the contract for Indorama Fertilizer Plant No. 1 in 2012, completing it in March 2018, and subsequently won the contract for Plant No. 2 in the same year. The experience gained from the first two plants has facilitated the successful execution of Plant No. 3, demonstrating a pattern of repeat contracts rather than one-off projects. The industrial significance of this project is notable. Plant No. 3 adds an additional production line near the existing Plants No. 1 and 2. According to related business data, the operation of Plant No. 3 is expected to increase Indorama's urea fertilizer production capacity from 2.8 million tons to 4.2 million tons annually. This enhancement of Nigeria's fertilizer production capabilities, based on natural gas, is also significant for local industrial infrastructure development. Since entering Nigeria in 1983, Daewoo Engineering has completed approximately 75 projects worth around $10.8 billion. The company has established a strong local business foundation by participating in key national infrastructure projects, including the Indorama Fertilizer Plants No. 1 and 2, natural gas pre-treatment facilities, and urea fertilizer production facilities. With the completion of Plant No. 3, Daewoo Engineering aims to continue its expansion in the African plant market, including Nigeria. A company representative stated, "We successfully completed the project ahead of schedule based on the experience and local network we have built in Nigeria. We will actively pursue further projects and expand our presence in the African market, leveraging our trust-based relationships with clients."* This article has been translated by AI. 2026-06-12 11:45:00 -
Special Prosecutor Reinvestigates Jo Tae-yong Over CIA Martial Law Allegations The second comprehensive special prosecutor team, led by Kwon Chang-young, has summoned Jo Tae-yong, the former head of the National Intelligence Service (NIS), for further questioning regarding allegations that he was involved in explaining the background of martial law to allied countries, including the CIA, shortly after its declaration on December 3, 2024. The special prosecutor's team began questioning Jo at 10 a.m. on June 12, marking the second time he has been interrogated since June 1. Jo is being investigated on charges of engaging in important insurrection duties and violating the National Intelligence Service Act. Jo is accused of being involved in the process of explaining the martial law's background to allied nations at the request of the National Security Office on December 4, 2024, the day after the martial law was declared. The special prosecutor's team believes that the NIS received a request from the Security Office to provide a document in Korean explaining the reasons for the martial law. The team suspects that, under Jo's direction, the NIS's overseas department, which was under Hong Jang-won, translated the document into English and subsequently explained its contents to the CIA. Key issues in this investigation include how the request from the Security Office was communicated within the NIS and whether Jo issued any directives regarding it. The special prosecutor's team has previously questioned former Security Office chief Shin Won-sik and former Deputy Chief Hong to verify the details of the request and the document's transmission. The special prosecutor is also examining the contents of a political meeting and department head meeting held at the NIS shortly after the martial law was declared. Jo is reported to have chaired a political meeting at 11:30 p.m. on the day of the declaration, attended by the first and third deputy chiefs and the planning coordination office head. The team is investigating whether discussions regarding the martial law took place during that meeting. Hong, who was questioned the previous day, is scheduled to return for further questioning on June 22. The special prosecutor plans to reconstruct the overall allegations regarding the CIA explanations based on the testimonies of Hong and Jo. Additionally, the special prosecutor has charged three NIS officials involved in the allegations with insurrection preparation, which refers to those who did not directly lead insurrection activities but assisted or participated in them. The handling of Shin and former Deputy Chief Kim Tae-hyo is also reportedly under review.* This article has been translated by AI. 2026-06-12 11:39:00 -
Italy honors Lee with highest state decoration SEOUL, June 12 (AJP) - Italy rolled out a red carpet and gave some of its highest state honors to President Lee Jae Myung during his state visit on Thursday, highlighting deepening ties as the two countries upgraded their relationship to a special strategic partnership and expanded cooperation in technology, defense, and trade. Lee received the Knight Grand Cross of the Order of Merit, Italy's highest-ranking state decoration, typically awarded to foreign heads of state and individuals deemed to have made exceptional contributions to Italy. It marked the first time since taking office that Lee has received such a state honor from a foreign government. The ceremonial welcoming event began even before Lee landed in Rome. Two Italian fighter jets escorted South Korea's presidential aircraft after it entered Italian airspace, a gesture reserved for visiting heads of state. "This was not a courtesy extended to will meet with U.S. President Donald Trump to clearly convey our position on the NTE Report and non-tariff barriers, and reaffirm South Korea's commitment to implementing bilateral cooperation initiatives, including the implementation of the Joint Fact Sheet." 2026-06-12 11:34:03 -
Kim Mi-ae Appointed as Policy Chief of the People Power Party Jung Jeom-sik, the floor leader of the People Power Party, announced on June 12 that Kim Mi-ae, a lawmaker from Busan's Haeundae-eul district, has been appointed as the policy chief deputy leader. The new leadership team will operate under a dual leadership structure with Kim Seung-soo, who has been appointed as the chief deputy floor leader.According to the People Power Party, Choi Soo-jin and Choi Eun-seok will serve as the floor spokespersons, while Kim Tae-kyu, who was elected in the June 3 by-elections, will join the spokesperson team.Yoon Yong-geun, a lawmaker who entered the National Assembly through the recent by-elections, has been appointed as the floor leader's secretary.The new leadership team is noted for its relatively neutral factional affiliations, with a focus on promoting individuals elected in the by-elections. However, lawmakers associated with the reformist faction and the pro-Han Dong-hoon faction were not included in the appointments. During the press conference, Jung emphasized that the selection process for the deputy floor leaders is still ongoing and reiterated his commitment to appointing individuals regardless of their factional ties, as he had promised during the floor leader election process.The appointments to the leadership team will be officially confirmed following a vote at a future general assembly of lawmakers.* This article has been translated by AI. 2026-06-12 11:33:00 -
SpaceX buzz, ceasefire hopes send KOSPI soaring back above 8,000 SEOUL, June 12 (AJP) - The KOSPI once again proved one of the world's most volatile major stock indexes, surging more than 7.6 percent Friday morning as hopes for a Middle East ceasefire and excitement surrounding SpaceX's Nasdaq debut sparked a broad-based rally in technology shares. As of 10:57 a.m., the benchmark KOSPI was up 7.76 percent at 8,366.47 after opening 6.44 percent higher. The index earlier jumped as much as 8.50 percent to 8,424.13. The sharp advance triggered a buy-side sidecar shortly after the opening bell, underscoring the extraordinary swings that have gripped Korean equities this week. Investors also cheered news that Hanmi Semiconductor plans to invest 50 billion won ($37 million) in SpaceX, the world's largest private space company, ahead of its Nasdaq debut on Friday later in New York. The move reinforced enthusiasm for AI infrastructure, advanced semiconductors and space-related growth themes, sending Hanmi Semiconductor shares soaring more than 14 percent. Risk appetite was further boosted after U.S. President Donald Trump said a ceasefire agreement with Iran was nearing completion and announced the cancellation of planned military strikes, easing fears of a prolonged conflict that had rattled global markets earlier this week. Foreign investors, persistent sellers throughout much of June, returned as net buyers, purchasing 568.5 billion won worth of shares on the main board. Institutional investors added another 393.4 billion won, while retail investors took profits, selling a net 921.2 billion won. The Korean won also strengthened alongside equities, with the dollar falling to 1,519.40 won from the previous close of 1,528.90 won. Chipmakers led the advance. Samsung Electronics rose 10.54 percent to 330,500 won, extending its rebound above the 300,000-won mark, while SK hynix gained 7.76 percent to 2,264,000 won after briefly climbing above 2.3 million won. The gains spread across other heavyweight stocks. SK Square jumped 8.47 percent, Samsung Electro-Mechanics advanced 5.10 percent, Hyundai Motor gained 5.36 percent, LG Energy Solution added 4.16 percent and Samsung Life Insurance climbed 7.53 percent. The bullish mood spilled over into the junior KOSDAQ market, where the index rose 3.02 percent to 1,027.07, reclaiming the 1,000-point level. Rainbow Robotics surged 11.40 percent, EcoPro gained 6.71 percent, EcoPro BM rose 5.36 percent and Alteogen added 1.30 percent. The rebound in Seoul mirrored a powerful overnight rally on Wall Street. The Dow Jones Industrial Average gained 1.86 percent, while the S&P 500 and Nasdaq Composite rose 1.75 percent and 2.54 percent, respectively. U.S. semiconductor stocks also rallied sharply, reinforcing gains across Asian technology markets. Intel jumped 9.27 percent, Micron Technology surged 11.66 percent, SanDisk soared 14.50 percent and Nvidia added 2.22 percent. The optimism extended across Asia. Japan's Nikkei 225 rose 2.68 percent to 65,941.08, Hong Kong's Hang Seng Index gained 1.45 percent to 24,602.06, and China's Shanghai Composite advanced 0.99 percent to 4,026.62. 2026-06-12 11:13:47 -
Ministry of SMEs and Startups Launches AI Training for Small Businesses The Ministry of SMEs and Startups and the Small Business Market Promotion Agency are working to enhance the capabilities of small businesses in utilizing artificial intelligence (AI) and to support AI-driven business innovation. On June 12, the Small Business Market Promotion Agency announced that it is recruiting small businesses to participate in the "AI Collaboration Training for Small Businesses" and the "Innovative Small Business AI Utilization Support Project." The AI Collaboration Training is a hands-on program conducted in partnership with private companies, focusing on the use of generative AI, creating promotional content, analyzing sales and market data, and automating customer interactions. A total of seven courses will be offered, including four one-day courses and three package courses, with a target of recruiting around 5,000 small businesses. The Innovative Small Business AI Utilization Support Project aims to assist businesses in creating products and services using AI, providing comprehensive support from building AI utilization models to implementing business models. This year, 1,000 businesses will be selected for AI utilization model development, followed by evaluations to choose approximately 680 businesses for support in implementing AI business models. Applications for both projects can be submitted through the Small Business 24 platform. Earlier, in March, the Small Business Market Promotion Agency co-hosted a forum on "AI Industry Development and Small Businesses" with the Korean Small Business Association during the 2026 Spring Academic Conference. In December of last year, it announced the "Top 10 AI Livelihood Projects" in collaboration with the Ministry of SMEs and Startups. In Tae-yeon, the Director of the Small Business Market Promotion Agency, stated, "We will actively support efforts to integrate AI into small business operations to boost sales and enhance growth potential."* This article has been translated by AI. 2026-06-12 11:12:00 -
Court Sentences Yoon Suk Yeol to 30 Years for Drone Incident On June 12, former President Yoon Suk Yeol was sentenced to 30 years in prison for his role in a scandal involving the infiltration of drones into North Korea. The Seoul Central District Court, presided over by Judge Lee Jeong-yeop, found Yoon guilty of charges including treason and abuse of power. Yoon was not alone in facing judgment; former Defense Minister Kim Yong-hyun also received a 30-year sentence. Former Director of the National Defense Security Command, Yeon In-hyung, was sentenced to 15 years, while former Drone Operations Commander Kim Yong-dae received a three-year sentence with a five-year probation.The defendants were accused of directing the infiltration of drones into Pyongyang around October 2024 to create a pretext for declaring martial law. Kim, who executed the operation, faced additional charges of abuse of power and destruction of military property.The treason charge applies regardless of any collusion with the enemy; it punishes actions that harm South Korea's military interests or provide military advantages to hostile nations.Earlier, the special prosecutor's team for the insurrection case had recommended sentences of 30 years for Yoon, 25 years for Kim, 20 years for Yeon, and five years for Kim.The trial was conducted behind closed doors due to military confidentiality, and the court did not allow live broadcasting of the sentencing hearing.* This article has been translated by AI. 2026-06-12 11:12:00 -
Hanwha Ocean Shares Rise 8% on KDDX Project Win Expectations Hanwha Ocean is experiencing a surge in its stock price following reports that it has been effectively selected as the contractor for the detailed design and lead ship construction of the next-generation Korean destroyer (KDDX) project, valued at 7.8 trillion won. The Defense Acquisition Program Administration (DAPA) reportedly scored Hanwha Ocean slightly higher than its competitor, HD Hyundai Heavy Industries, boosting expectations for significant defense contracts. As of 10:56 a.m. on June 12, Hanwha Ocean's shares rose by 9,100 won (8.71%) to 113,600 won. At one point during trading, the stock peaked at 117,400 won. The increase in stock price is attributed to the recent announcement of DAPA's evaluation results for the KDDX detailed design and lead ship construction project. According to industry sources, DAPA has completed its evaluation of the proposals for the KDDX project and has notified both companies of the results. Hanwha Ocean is believed to have received a higher score than HD Hyundai Heavy Industries, significantly increasing its chances of being selected as the contractor. The KDDX project involves the construction of six 6,000-ton next-generation destroyers using domestic technology, with a total project cost of approximately 7.8 trillion won. The detailed design and lead ship construction portion of the bid alone amounts to 882.1 billion won, and industry experts are paying close attention to the potential for follow-on orders for additional ships. Reports indicate that security scores played a crucial role in the evaluation outcome. While HD Hyundai Heavy Industries outperformed Hanwha Ocean in the technical capability assessment, security penalties related to past military secrets leaks reportedly reversed the final rankings. The final scores were Hanwha Ocean at 93.9542 points and HD Hyundai Heavy Industries at 93.3675 points, a narrow margin of just 0.5867 points. Market analysts note that if Hanwha Ocean is confirmed as the final preferred bidder, it will secure a leading position in the domestic next-generation destroyer project. Given that the KDDX project is a large-scale initiative expected to span several years, there is growing optimism regarding future performance and order backlog expansion. A representative from Hanwha Ocean stated, "If we are ultimately selected as the preferred bidder, we will work closely with DAPA to make up for the delayed project schedule and fully mobilize our ship design and construction capabilities."* This article has been translated by AI. 2026-06-12 11:06:00