“Chairmen of Korea’s top jaebeol business groups are trembling with extreme fear,” said Chosun Ilbo, a leading Korean-language daily said this morning (Nov. 9). Trembling are the big bosses of the top Korean jaebeol business groups, including Samsung, SK, Lotte, POSCO, KT and a number others.
It said, “every time a new political party comes into power, they jerk the arms of the jaebeol chairmen and extort money out them.”
According to Korean-language news reports, SK Group was pressured by the K Sports Foundation (reportedly supported by the incumbent government) was asked to contribute 8 billion won for a not very popular sports item and they settled for 3 billion won as it was not a very popular sports item..
In the case of the Lotte Group which is plagued with management transfer issue, it reportedly paid 7 billion won to the Mir K Sports Foundation and then got the money back as soon as the Prosecution authorities started a probe into the case.