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SAMSUNG PROBE TO HAVE POSITIVE LONG-TERM IMPACT: SURVEY.
SEOUL, March 3 Asia Pulse - A majority of South Korean chief executives think the ongoing independent probe of Samsung Group's corruption scandal will have a positive impact on South Korea's economy in the long-term by enhancing corporate transparency, a survey showed Sunday.
Late last year, an independent counsel launched the probe into allegations that the nation's biggest conglomerate stashed away massive slush funds to bribe prosecutors, government officials and other influential figures.
The probe was initiated when Kim Yong-chul, a former Samsung lawyer, accused Samsung of bribery, fabrication of financial statements to set aside slush funds, and illegal transfers of wealth by Samsung chairman Lee Kun-hee to his son Jae-yong, which were meant to consolidate the younger Lee's Samsung Group ownership.
Of the 145 CEOs recently surveyed by the private think tank Institute of Global Management (IGM), 72 per cent said the impact of the Samsung probe on South Korea's economy will be positive in the long-term, although they said its short-term impact may be negative.
Those surveyed were CEOs of companies in services, ...
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Source: HighBeam Research, SAMSUNG PROBE TO HAVE POSITIVE LONG-TERM IMPACT: SURVEY.