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  • Satoshi Holdings Engages in Complex Financial Maneuvers Amid Struggles
    Satoshi Holdings Engages in Complex Financial Maneuvers Amid Struggles Satoshi Holdings, a KOSDAQ-listed company, has changed its name four times since last year. The current name, adopted in November, emphasizes its focus on virtual assets like Bitcoin. Recently, the company has also ventured into new businesses, including aerospace and artificial intelligence (AI) data centers. However, most of its revenue still comes from online health food sales and women's clothing, with its core operations operating at a loss.Recently, the company engaged in a peculiar financial transaction. It used borrowed funds to cover a capital increase payment for its largest shareholder, resulting in a subsidiary becoming the new major shareholder. The purpose of this complex transaction raises questions.According to the Financial Supervisory Service's electronic disclosure system, Satoshi Holdings quickly repaid its 11th, 12th, and 14th convertible bonds (CB) and short-term borrowings as soon as the funds from a third-party capital increase targeting Lucent Investment Association were received. Market analysts suggest that this capital increase and CB repayment transaction may not be aimed at normalizing the company or investing in new businesses, but rather supporting the cashing out of the former major shareholder.The situation is as follows: Satoshi Holdings recorded an operating loss of 2.62 billion won and a net loss of 9.37 billion won in the first half of this year due to poor performance in its health food and online commerce sectors. It received a 'refusal of audit opinion' in its semi-annual review report and was designated as a management issue. To defend its stock price and secure justification, the company promoted new businesses in drone control and AI data center fiber optics. However, the majority of its first-half revenue of 8.14 billion won still came from its existing operations, with only 7 million won generated from new businesses like aerospace and AI.As its financial structure deteriorated, Satoshi Holdings sold its entire stake (3,466,056 shares, 12.14% ownership) in its subsidiary, Korea Advanced Materials, to Nakamoto Investment Association and Flake for 10.5 billion won on August 26. However, not a single won entered Satoshi Holdings, as the 10.8 billion won in CBs held by Nakamoto Association and Flake was offset against the sale proceeds.This led to a rapid reversal of the major shareholder relationship within just two weeks. After Nakamoto Investment Association acquired the stake in Korea Advanced Materials, the company issued a private CB worth 14.7 billion won on September 2 to raise funds. It then invested this money into its subsidiary, Lucent Investment Association, which subsequently acquired new shares from Satoshi Holdings' capital increase, becoming the new largest shareholder with a 35.97% stake. In just two weeks, the governance structure shifted from 'Satoshi Holdings → Korea Advanced Materials' to 'Korea Advanced Materials → Lucent Investment Association → Satoshi Holdings.'There are also concerns about the whereabouts of the cash from the capital increase. Immediately after the first capital increase of 7 billion won was deposited on September 10, Kim Byeong-jin, the former major shareholder and effective controlling shareholder, purchased 5 billion won worth of the 12th CB held by his personal company, Purple City, before its maturity. On September 15, he also repaid an additional 2 billion won of the 11th CB held by Sang Sang In Savings Bank, 1 billion won of the 14th CB held by the former major shareholder Metaflex, and 300 million won of the CB held by individual creditor Lee Jun-min. This suggests that the funds raised through external debt from the capital increase were ultimately used as an exit route for the former major shareholder's personal company and financial creditors.A financial industry insider noted, 'With no cash generation ability and having received a refusal of audit opinion, the funds raised through external debt from the capital increase have immediately flowed out to repay the CBs of the former major shareholder's personal company and specific creditors. The financial risks arising from this process will inevitably be passed on to minority shareholders, who hold a 41.83% stake.' 2026-09-16 18:08:00
  • Top Two Car Rental Companies Shift to Private Equity, Intensifying Competition with Financial Firms
    Top Two Car Rental Companies Shift to Private Equity, Intensifying Competition with Financial Firms The top two car rental companies in South Korea are transitioning to a private equity (PEF) system, intensifying competition with financial firms in the market. With powerful capital backing from PEFs and financial companies entering the fray, the battle for dominance in the car rental sector is becoming increasingly fierce.According to industry sources on September 16, Lotte Rental withdrew from the National Car Rental Association earlier this month and joined the Korea Car Rental Business Association. SK Rental is also considering a similar move, suggesting a change in affiliation may occur soon.This shift stems from the perception that the National Car Rental Association, based in Seoul, does not adequately represent the interests of full-service rental companies. In contrast to the Korea Car Rental Business Association, which opposes the easing of regulations on the rental limits for specialized financial companies, the National Car Rental Association has shown little action.Financial firms are looking to expand their car rental businesses through regulatory relaxation. Discussions within the financial sector include proposals to allow specialized financial companies to exceed the current limit of 100% on their rental business ratio. The existing regulations restrict the average balance of rental assets for capital companies from surpassing that of their primary leasing assets. If these regulations are eased, financial affiliates could significantly expand their car rental operations. The Korea Car Rental Business Association has stated that the primary business ratio serves as the last safeguard against the expansion of non-financial operations by financial companies.With strong funding capabilities, financial firms are increasing their market share, surpassing traditional rental companies in influence. As of the end of July, specialized financial companies held a 45.32% share of the domestic car rental market, compared to 43.08% for full-service rental companies, according to the Korea Car Rental Business Association. Seventeen financial affiliates account for nearly half of the entire car rental market, which is estimated to have around 1,200 rental companies operating in South Korea.In response to the expansion of financial firms, the top two domestic car rental companies are accelerating their restructuring under the PEF system. SK Rental is working on improving its financial structure and simplifying its governance. On September 29, it plans to absorb Karina Mobility Service, a special purpose company established by Affinity to acquire SK Rental. This merger aims to streamline governance and enhance operational efficiency while reducing debt ratios by inheriting Karina's capital.Lotte Rental is also on the verge of transitioning to a PEF system. After receiving approval from the Fair Trade Commission for the business combination, it plans to finalize its transaction with TPG by the end of October, following subsequent procedures such as a shareholders' meeting. There is speculation that combining TPG's existing investment portfolio, which includes Kakao Mobility, with Lotte Rental's vehicle operation and maintenance capabilities could expand their business scope.Industry experts predict that if financial firms continue to expand their operations, the competitive pressure on full-service rental companies will increase. Kim Pil-soo, a professor at Daelim University’s Future Mobility Department, stated, "The starting line for competition is fundamentally different between financial firms and full-service rental companies, not just in market share. If the rental limits are eased, there is a possibility that market concentration will deepen around financial groups rather than fostering competition." 2026-09-16 18:04:20
  • South Korea Expands Economic Cooperation with Five Central Asian Nations
    South Korea Expands Economic Cooperation with Five Central Asian Nations President Lee Jae-myung has expanded economic cooperation in key minerals and energy supply chains, as well as infrastructure projects, through a summit with five Central Asian nations. The government established a foundation for South Korean companies to enter the Central Asian market by signing a total of 74 agreements and memorandums of understanding (MOUs) during the summit.By promoting tailored bilateral economic cooperation, the summit addressed cross-border challenges such as logistics, transportation networks, supply chains, climate change, and AI and digital initiatives, thereby broadening diplomatic horizons at the regional level.On September 16, President Lee hosted the first summit with the leaders of five Central Asian countries at a hotel in Seoul, marking the first time these leaders gathered in a multilateral format.During the summit, President Lee held separate meetings with Tajikistan's President Emomali Rahmon and Kyrgyzstan's President Sadyr Japarov at the Blue House, resulting in the signing of 35 cooperation documents, including 17 with Tajikistan and 18 with Kyrgyzstan.The relationship with Tajikistan was elevated to a 'comprehensive partnership.' This visit by the Tajik president was the first in 11 years.President Lee described Tajikistan as a geographical hub connecting Central Asia and South Asia, rich in mineral resources and growth potential. He stated, "South Korea will actively cooperate as a reliable partner for Tajikistan's economic development."Railway projects are at the center of cooperation between the two countries. A framework for intergovernmental railway cooperation was established, allowing Korea Railroad Corporation and the National Railroad Authority to participate in the construction of the Dushanbe urban railway and the training of specialized personnel.Cooperation in key minerals, AI and digital initiatives, and smart grid technology will also be pursued in conjunction with railway infrastructure. The plan reflects the belief that South Korean companies can secure resource supply chains and infrastructure contracts by jointly developing the necessary transportation and power infrastructure for mineral resource development.With Kyrgyzstan, the 'comprehensive partnership' established in 2024 was further specified in urban development and trade and investment sectors. South Korea's urban planning and smart construction experience will be combined to meet Kyrgyzstan's rapid urbanization demands.The two countries agreed to jointly promote urban master plans, transportation and living infrastructure, and industrial park development, allowing South Korean companies to participate in public-private partnership (PPP) projects. This approach aims to reduce Kyrgyzstan's financial burden while providing domestic companies with opportunities to enter the Central Asian urban and infrastructure market.The scope of trade and investment cooperation has also expanded to include key minerals, digital transformation, halal certification, and the textile industry. Notably, South Korea's halal certification will be recognized locally, reducing certification costs and time for domestic companies.A system for sending workers under the employment permit system was also established. This will ensure transparency in the dispatch process and protect the rights of workers by supplying Kyrgyz personnel to South Korean small and medium-sized enterprises through an objective procedure. The relationship, previously focused on development cooperation and personnel exchange, is now seen as expanding into investment, trade, and industrial cooperation.On September 15, the focus was on energy and resource diplomacy with Kazakhstan and Turkmenistan.With Kazakhstan, Central Asia's largest economy and a major oil and uranium producer, the relationship was elevated to a 'future-oriented comprehensive strategic partnership' for the first time in 17 years. In the event of global supply disruptions, Kazakhstan will increase oil supply, and both countries will collaborate on oil and gas field development and petrochemical research.Joint research and development on nuclear power and small modular reactors (SMRs), as well as nuclear safety and specialized personnel training, will also be pursued. By connecting Kazakhstan's oil and uranium resources with South Korea's nuclear and advanced industry technologies, the relationship has evolved from simple resource importation to long-term economic security cooperation.With Turkmenistan, the focus is on linking its abundant natural gas resources to the chemical industry and plant projects. After 16 years of negotiations, the two countries finalized an investment protection agreement. This agreement aims to reduce investment risks for South Korean companies in large-scale, long-term plant and infrastructure projects, which require significant funding. Based on this, new projects in the chemical and plant sectors, railways, shipbuilding, and smart water management will be explored.On the first day of summit diplomacy, September 14, the focus was on addressing Uzbekistan's demand for transportation and industrial advancement, given it has the largest population in Central Asia. Feasibility studies were initiated for the introduction of eight high-speed trains and the establishment of a national genome and biobank, while cooperation was expanded into AI transformation in manufacturing and the defense sector.Cooperation with Uzbekistan is centered on market and manufacturing growth potential rather than just resources. The plan aims to combine South Korean technology and finance in high-speed rail, biotechnology, and manufacturing AI to capture the largest consumer market in Central Asia.Seong Gi-hong, senior presidential secretary for public relations and communication, stated, "We hope this new journey that began in Seoul will enrich the lives of people in both regions and serve as a solid foundation for mutual prosperity between South Korea and Central Asia. This will be a turning point in expanding our diplomatic horizons into Eurasia and transforming our long-standing relationship with Central Asia into a future-oriented partnership for mutual growth." 2026-09-16 18:04:10
  • Samsung Display Dominates Foldable Phone Market as LG Display Targets Mid-Size IT Devices
    Samsung Display Dominates Foldable Phone Market as LG Display Targets Mid-Size IT Devices Samsung Display and LG Display are pursuing divergent strategies in the global foldable organic light-emitting diode (OLED) market. Samsung Display is strengthening its position in the high-value smartphone sector by capturing demand for foldable panels from both Samsung Electronics and Apple. In contrast, LG Display is focusing on mid-size IT devices such as iPads and laptops, rather than entering the foldable smartphone production market. According to market research firm Counterpoint Research, Samsung Display's shipments of foldable smartphone panels increased by 6% year-on-year in the second quarter of this year. Its market share rose by 13.5 percentage points to 66%. Overall shipments for the first half of the year also grew by 10%, maintaining a leading market share of 51%. Samsung Display's strength lies in securing key global customers in the foldable smartphone market. It is reportedly the exclusive supplier of panels for Apple's first foldable smartphone, in addition to its existing Galaxy Z Fold and Flip series. By capturing demand from these two major premium smartphone manufacturers, Samsung Display is positioned to benefit from the expanding foldable market. Foldable OLEDs are more complex and costly than standard smartphone OLEDs. Samsung Display's revenue from foldable OLED panels is projected to reach $2.825 billion (approximately 3.85 trillion won) in the second half of the year, which is 4.3 times higher than the first half. As a result, Samsung Display is expected to see significant improvements in its financial performance in the latter half of the year. Analysts estimate that its revenue will range from 17 trillion to 18 trillion won, with operating profit between 2 trillion and 3 trillion won, significantly exceeding the first half's estimated operating profit of 1.1 trillion won. LG Display's approach differs. While it is a major supplier of OLEDs for Apple's existing iPhones, it has not yet begun mass production of foldable smartphone panels. Instead of entering the already established foldable smartphone market, LG Display aims to leverage its strengths in mid-size OLED technology to meet the demand for next-generation form factors. Future products such as an 18.8-inch foldable iPad and large-screen foldable laptops are being considered as new demand sources. LG Display has developed tandem OLED technology, which stacks two layers of emitting material to enhance brightness, lifespan, and durability. The mid-size OLED market is also experiencing rapid growth. Omdia forecasts that shipments of mid-size OLEDs will increase by 18.8% year-on-year to reach 38.8 million units this year, with laptop and monitor OLEDs expected to grow by 66% and 34%, respectively. In the first quarter of this year, IT panels, including those for monitors, laptops, and tablets, accounted for 37% of LG Display's total revenue. While Samsung Display leads the foldable smartphone market by securing demand from Samsung Electronics and Apple, LG Display is expected to seek new opportunities in the rapidly growing mid-size OLED market. One industry insider noted, "Given that Samsung Display has secured major customers in the foldable smartphone market, it will be challenging for latecomers to establish a supply chain quickly. For LG Display, responding to new form factor demands for laptops and tablets based on its competitive mid-size OLED technology may be a more realistic option." * This article has been translated by AI. 2026-09-16 18:04:10
  • South Korea and Central Asia Leaders Commit to 30 Years of Cooperation
    South Korea and Central Asia Leaders Commit to 30 Years of Cooperation 한국과 중앙아시아 5개국이 정상급 협력체계를 출범하는 데 뜻을 모았다. 각국 정상들은 중장기 협력 비전을 담은 ‘서울선언’을 채택하고 국가별 수요에 맞춘 양자 협력과 중앙아시아 5개국 전체를 아우르는 지역 협력을 병행하기로 했다. 이재명 대통령은 16일 서울의 한 호텔에서 열린 제1차 한·중앙아시아 정상회의에서 “지난 30여 년간 쌓아온 협력의 토대 위에서 향후 30년을 함께 준비해야 한다”고 밝혔다. 그러면서 한국과 중앙아시아가 함께 ‘새로운 실크로드’를 열어가자고 제안했다. 이들 정상이 다자 형식으로 한자리에 모인 것은 이번이 처음이다. 2007년 출범해 2020년 장관급 협의체로 발전한 한·중앙아시아 협력포럼이 19년 만에 정상급 협력체계로 격상된 것이다. 정상들은 ‘한·중앙아 협력 방향 및 혁신·번영·연계성 강화를 위한 파트너십’을 주제로 중장기 협력 방안을 논의했다. 회의 결과를 담은 서울선언에는 △협력체계 제도화 △평화와 안정을 향한 동행 △혁신과 번영을 향한 미래 △사람과 신뢰를 통한 연결 등 4대 협력 비전이 담겼다. 이 대통령은 지난 14일부터 사흘간 중앙아시아 5개국 정상과 양자 회담을 통해 협정과 양해각서(MOU) 등 총 74건을 체결했다. 이 대통령은 “오늘날 세계는 공급망과 에너지, 시장과 기술에 이르기까지 경제와 안보가 긴밀히 연결되는 대전환의 시대를 맞이하고 있다”며 “동과 서의 사람, 기술, 문화를 하나로 연결했던 중앙아시아의 ‘실크로드 정신’이 그 어느 때보다 절실히 필요하다”고 강조했다. 이 대통령은 한국과 중앙아시아의 상호 보완적인 강점을 극대화하려면 개별 국가 간 협력을 넘어 지역 차원의 공동 대응이 필요하다고 강조했다. 이에 따라 한국은 중앙아시아 각국과 맞춤형 사업을 계속 발굴하면서 5개국 전체가 참여하는 다자 협력체계를 통해 공동 과제를 추진하기로 했다. 국가별 특성을 반영한 양자 협력과 이른바 ‘C5+1(중앙아시아 5개국+한국)’ 협력 틀을 두 축으로 가동해 개별 사업의 성과를 지역 전체의 공동 번영으로 확장한다는 의미다. 특히 중앙아시아 5개국 모두 바다와 직접 연결되지 않은 내륙국이라는 점에서 개별 국가의 철도·도로 건설을 넘어 역내 통관과 물류망을 함께 연결하는 협력이 필요하다는 데 정상들은 인식을 같이했다. 인공지능(AI)·디지털과 과학기술, 수자원 관리, 기후변화 대응, 인재 양성도 공동 대응이 필요한 지역 의제로 다뤘다. 이 대통령은 이번 회의가 일회성 행사에 그쳐서는 안 된다고 강조했다. 양측은 정상회의를 2년 주기로 정례화하고 차기 정상회의를 카자흐스탄에서 개최하기로 했다. 이 대통령은 “이번 정상회의는 미래 파트너십의 새로운 출발점”이라며 “국민의 삶을 실질적으로 바꾸는 성과를 만들어야 한다”고 강조했다. * This article has been translated by AI. 2026-09-16 18:04:10
  • Rising Oil Prices Delay First Settlement of Price Cap, Refiners Face Up to $8 Billion in Losses
    Rising Oil Prices Delay First Settlement of Price Cap, Refiners Face Up to $8 Billion in Losses As oil production disruptions in Saudi Arabia and Libya push international prices to a four-month high, South Korea has yet to complete the first settlement under its oil price cap system. The gap between the estimated losses by refiners and the government's compensation amount is expected to lead to significant negotiations.According to industry sources on September 16, the Price Cap Settlement Committee under the Ministry of Trade, Industry and Energy continues to request data from refiners such as SK Innovation, GS Caltex, S-Oil, and HD Hyundai Oilbank to determine the compensation amount, aiming for the first settlement in October.However, dissatisfaction is already emerging from the refining sector. With escalating tensions between the U.S. and Iran causing oil and transportation costs to rise again, the government plans to calculate compensation based on production costs plus a reasonable margin, rather than market prices.Typically, refiners set domestic and export prices based on the Singapore International Oil Price (MOPS). They are submitting data to the committee to calculate compensation based on the difference between export prices and domestic prices under the price cap.If this method is applied, the estimated losses for refiners since the price cap was implemented on March 13 could reach approximately 7 trillion to 8 trillion won over six months.In contrast, the government’s compensation amount, calculated by adding a reasonable margin to production costs, is reported to be less than 1 trillion won. Even if the committee uses MOPS as a basis for compensation, the government has allocated only about 4.2 trillion won for the price cap's implementation, which is insufficient to cover the losses estimated by refiners.Moreover, with the government planning to extend the price cap on September 18 to stabilize prices, the likelihood of needing to compensate for fourth-quarter losses has increased. Although the Ministry of Industry has set aside about 1.5 trillion won from next year's budget for fourth-quarter compensation, this amount is deemed inadequate given the soaring oil prices.The refining industry is also concerned that the committee may underestimate compensation amounts based on the strong performance of individual companies in the second and third quarters. This strong performance is attributed to a lagging effect from purchasing crude oil at lower prices, while the fourth quarter may see significant losses due to the current high oil prices, necessitating proper compensation from the government to ensure ongoing business viability. The lagging effect refers to the delay in profit and loss due to the time difference between purchasing raw materials and processing them for sale.Meanwhile, international oil prices have surged to a four-month high due to attacks on Saudi oil pipelines and threats from Yemen's Houthi rebels to block the Red Sea. As of September 11, Dubai crude surpassed $123 per barrel, while Texas and Brent crude reached $108.75 and $105.83 per barrel, respectively, as of September 15.* This article has been translated by AI. 2026-09-16 18:04:00
  • Samsung Expands 2-Nanometer Foundry Services Beyond Mobile to AI and Automotive
    Samsung Expands 2-Nanometer Foundry Services Beyond Mobile to AI and Automotive Samsung Electronics is broadening its 2-nanometer foundry customer base beyond mobile to include artificial intelligence (AI), high-performance computing (HPC), and automotive sectors. While TSMC, the leading foundry provider, is expanding its mobile chip clientele, Samsung is differentiating itself by offering memory, foundry, and advanced packaging services from a single source.According to industry sources, Samsung is accelerating its efforts to secure major clients in the AI and HPC sectors as it expands production of its second-generation 2-nanometer process in the second half of the year. In its second-quarter earnings report, Samsung noted that collaborations with 2-nanometer HPC customers are increasing, and it plans to diversify its portfolio to include AI, HPC, automotive, and aerospace.Real-world applications are also expanding. U.S. AI semiconductor company Ambarella is developing a next-generation edge AI platform using Samsung's 2-nanometer process for applications in robotics, drones, and autonomous machines. Samsung has previously collaborated with Ambarella to produce chips for advanced driver-assistance systems (ADAS) using its 5-nanometer process.Among its key clients is Tesla. Reports indicate that Samsung has begun trial production and yield verification of Tesla's AI5 chip at its Taylor, Texas, facility. While TSMC also supplies a different version of the AI5 chip, Samsung's proactive acquisition of large customer volumes in the AI and autonomous driving sectors is significant. This partnership is expected to strengthen further with the next version, the AI6 chip. Unlike TSMC, which has recently secured supply contracts with Chinese and Taiwanese smartphone manufacturers, Samsung is not solely focused on mobile.Samsung's competitive edge lies in its comprehensive semiconductor supply capabilities. The company can provide memory, such as high-bandwidth memory (HBM), advanced foundry services, and packaging all in-house. By bundling logic chips, HBM, and packaging to meet the demands of AI accelerator customers, Samsung aims to broaden customer options within the TSMC-centric foundry supply chain. The company is pushing for double-digit growth in foundry revenue this year by expanding design orders for AI and HPC and increasing sales to customers in the U.S. and China.Recently, TSMC's tight production capacity has created opportunities for Samsung to expand its customer base. According to Reuters, the share of Samsung's foundry revenue from AI and HPC is expected to rise from 15-20% at the end of last year to over 30% this year. Collaborations with major clients such as Tesla, Broadcom, and NVIDIA have also been announced.Lee Min-hee, a researcher at BNK Investment & Securities, stated, "As TSMC's production capacity tightens and prices increase, customers are shifting to competitors like Samsung and Intel."* This article has been translated by AI. 2026-09-16 18:04:00
  • South Korea and Central Asia Expand Economic Cooperation Through Business Summit
    South Korea and Central Asia Expand Economic Cooperation Through Business Summit South Korea and five Central Asian countries are expanding the framework of cooperation established at a recent summit into business partnerships. They plan to develop new economic cooperation and private exchange models focused on future industries such as energy, key minerals, infrastructure, and artificial intelligence (AI). President Lee Jae-myung emphasized during his keynote speech at the 'Korea-Central Asia Business Summit' held at a hotel in Seoul on September 16 that there is a need to strengthen comprehensive cooperation in the key minerals sector, moving beyond simple raw material trade to include exploration, refining, high-value material processing, and finished product production. He outlined three key tasks for the 'new Silk Road' that South Korea and the five Central Asian countries will develop together: expanding trade and investment, collaborating in key minerals and advanced manufacturing, and building future infrastructure. President Lee noted that trade between South Korea and Central Asia has grown from $15 million at the time of diplomatic relations in 1992 to over $10 billion last year. He stressed the need to diversify the trade structure, which is currently focused on automobiles, parts, energy, and raw materials, to include consumer goods, biotechnology, and digital industries. In the key minerals sector, he proposed combining Central Asia's resources, such as lithium and uranium, with South Korea's battery and semiconductor manufacturing capabilities. He reiterated the importance of comprehensive cooperation throughout the entire cycle, from exploration to production. Future infrastructure development, including urban development, high-speed rail, plants, power grids, and logistics networks, was also highlighted as a major area of economic cooperation. President Lee pointed out that Central Asia, with a population of 84 million and an average age of 27, is experiencing rapid growth and increasing demand for infrastructure modernization, making South Korean companies with extensive experience and proven technology ideal partners for innovation in the region. The business summit was organized to establish networks among business leaders from South Korea and Central Asian countries and deepen practical cooperation across various sectors. A total of 130 representatives from 103 companies, including SK Group Chairman Chey Tae-won, POSCO, LS, Shinhan Financial Group, Samsung Electronics, Samsung C&T, and Hyundai Motor, attended the event. Additionally, President Lee and the leaders of the five Central Asian countries adopted the 'Seoul Declaration of the First Korea-Central Asia Summit' and agreed to hold the summit every two years. In years when the summit does not take place, a ministerial-level Korea-Central Asia Cooperation Forum will be held. This plan aims to elevate the existing ministerial cooperation framework to a summit level, establishing a continuous multilateral cooperation system. The declaration outlines cooperation directions in areas such as key minerals and energy supply chains, urban and transportation infrastructure, AI and digital transformation, climate and water resources, and human exchanges. It also includes plans to establish 'Korean Desks' in the governments of Central Asian countries to support South Korean companies and to combine South Korea's technological capabilities with Central Asia's resource and growth needs to create a joint value-added production network. Furthermore, the leaders signed a memorandum of understanding (MOU) on industrial and supply chain cooperation, laying the institutional groundwork for economic collaboration. They agreed to expand joint projects in areas such as industrial policy, manufacturing, infrastructure, key minerals and energy, and digital transformation, and to establish a Korea-Central Asia industrial ministers' council to discuss implementation progress and new cooperation projects.* This article has been translated by AI. 2026-09-16 18:04:00
  • Government Strengthens Anti-Money Laundering Measures for Professionals
    Government Strengthens Anti-Money Laundering Measures for Professionals The government is set to enhance its anti-money laundering, counter-terrorism financing, and proliferation financing frameworks.The Financial Intelligence Unit (FIU) announced on September 16 that it has established and released a 'National Strategy and Policy Direction for Anti-Money Laundering, Counter-Terrorism Financing, and Proliferation Financing' in preparation for the fifth mutual evaluation by the Financial Action Task Force (FATF) scheduled for 2028.This strategy and policy were reported and approved during the 23rd National Counter-Terrorism Committee meeting chaired by Prime Minister Han Seung-soo.The government has outlined five key strategies and 12 implementation tasks. Central to these efforts are the strengthening of beneficial ownership information management for corporations and trusts, the expansion of anti-money laundering (AML) obligations for certain non-financial businesses, the introduction of artificial intelligence (AI) for suspicious transaction reporting (STR) analysis, and enhanced recovery of criminal proceeds.In particular, the government plans to gradually impose customer verification, data retention, and suspicious transaction reporting obligations on specific non-financial businesses, including lawyers, accountants, tax agents, real estate brokers, and precious metals dealers.The FIU intends to implement an AI-based suspicious transaction analysis system and a virtual asset analysis and tracking solution, while also expanding its analytical workforce. In 2025, the total number of suspicious transaction reports is expected to reach 1,333,391, a significant increase from 884,655 in 2021, with STRs related to virtual assets surging from 199 to 62,055 during the same period.Responsibilities for AML compliance among financial institutions will also be strengthened. The government will designate AML officers at the executive level and clarify internal control obligations, while establishing a risk-based supervisory system focused on financial institutions with high money laundering risk.Additionally, the government plans to legislate the freezing of transactions related to suspicious accounts linked to new types of phishing, as well as drug and gambling-related crimes, and to introduce a system for the independent and extended confiscation of criminal proceeds.The FIU aims to demonstrate that the domestic anti-money laundering system is functioning effectively during the FATF's fifth mutual evaluation, which will take place over approximately 14 months starting in March 2028.* This article has been translated by AI. 2026-09-16 18:00:20
  • Seoul Bar Association Urges Prevention of Lawyer Participation Restrictions at Sangju Police Station
    Seoul Bar Association Urges Prevention of Lawyer Participation Restrictions at Sangju Police Station Choi Soon-yeol, president of the Seoul Bar Association, visited the Sangju Police Station in North Gyeongsang Province, where a controversial notice restricting lawyer participation had sparked constitutional concerns. He expressed worries about potential violations of the right to legal assistance and urged measures to prevent future occurrences.According to the Seoul Bar Association, Choi and association staff visited the Sangju Police Station at 10 a.m. on September 16 to meet with Chief Choi Seong-yeol and discuss corrective actions regarding the notice on lawyer participation restrictions.At the request of the Seoul Bar Association, the previous notice displayed at the Sangju Police Station was immediately removed, and a new notice emphasizing the protection of the right to legal assistance was created and installed.During the meeting, Choi expressed concern that "this issue could infringe upon the right to legal assistance" and requested that "the process of investigation ensure that the role of lawyers is fully protected and that similar issues do not arise in the future."In response, Chief Choi acknowledged the seriousness of the matter and assured that necessary measures would be taken to ensure the right to legal assistance is fully protected during investigations, while also committing to thorough management to prevent similar issues from recurring.Previously, the Seoul Bar Association had visited the National Investigation Headquarters of the National Police Agency to request verification of whether similar notices were posted at police stations nationwide. Following this, a comprehensive investigation revealed that no similar notices existed at the 261 police stations across the country, excluding Sangju Police Station.This is not the first time the Seoul Bar Association has taken corrective action regarding lawyer participation restrictions. Recently, Choi visited the Uijeongbu Police Station after discovering a post that inappropriately compared the legal assistance of lawyers and the appointment of legal counsel. The Uijeongbu Police Station promptly removed the post and stated it would take steps to prevent similar incidents in the future.A representative from the Seoul Bar Association stated, "The reason we visited Sangju Police Station today, following our visit to Uijeongbu Police Station, is clear. The right to receive legal assistance must be guaranteed as a fundamental right during investigations, and any erroneous practices or perceptions that undermine this right must be corrected from the ground up."He added, "We will not stop at merely raising issues; if there are problems, we will go directly to the site to demand corrections and ensure that they are actually addressed. We will continue to actively respond to protect the rights and the legal profession, ensuring that the right to legal assistance is effectively guaranteed in investigative settings."* This article has been translated by AI. 2026-09-16 17:56:00