Samsung HQ in Gangnam, Seoul. (credit: amftkrm / flickr)
South Korean prosecutors raided the headquarters of Samsung Group today, as well as the nation’s largest pension fund. The moves are seen as part of a broadening investigation into influence-peddling that involves South Korean President Park Geun-hye.
The Wall Street Journal described the raid as a “daylong sweep” of Samsung’s headquarters in the Gangnam area of Seoul. They also raided South Korea’s National Pension Service. With $460 billion in assets, NPS is the world’s third-largest pension fund and is a major shareholder in many South Korean companies.
NPS cast a vote in favor of a merger of two Samsung affiliates, Samsung C&T Corp and Cheil Industries, last year. WSJ says it wasn’t clear if today’s raids were connected to that vote; Reuters, citing the Yonhap news agency, says there was a connection.
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Source: Ars Technica – Samsung Group offices raided by Korean prosecutors