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제목 Written by David ,Chang Published Registration No 2 - 3394 등록일 2017.09.11 08:38
글쓴이 david

Reforms Will Lead to a Revitalization

of the Korean Economy

 

It has been reported that to pay back the debts of Samsung Motors, Chairman Lee decided to donate 2.8 trillion won from his own poket. Though this may seen like a generous move, it is calculated to benefit him, his family, and his own friends.

If the 4 million shares of stock in Samsung lnsurance, which Chairman Lee bought for five thousand won per share, are listed in the stock market, share prices can be expected to jump to more than 700,000 won. Multiply 4 million shares by 695,000 won and he will realize a profit of almost 2.8 trillion won.

I would like to call Chairman Lee a great businessman as he promised to donate 2.8 trillion won which he expected to earn in the near future by investing just 20 billion won.

But this is a ploy to trick the Korean people and the Korean government.

 

If shares of Samsung lnsurance are listed, his family members and other people close to the Chairman who own most of the shares will make a huge profit.

This will cause a ripple effect through the Korean society and make citizens feel frustrated and demoralized. I believe this event would be serious enough to be regarded as a moral threat to society.

 

Chairman Lee’s eldest son Lee Jaeyong, owner of Samsung Everland which owns 20.6% of Samsung lnsurance’s shares will benefit greatly and be able to wield his power on Samsung lnsurance through channels that are legal. Other related subsidiaries will all feel large societal repercussions caused by the listing of Samsung lnsurance on the stock market. These subsidiaries include Shinsegae Department Store, which owns 14.5% of shares in Samsung lnsurance, CJ with 11.5%, and the Samsung Civilization and Culture Center with 5%.

 

This means that Chairman Lee’s 20 billion won investment will have the effect of taking away several trillion won from the general public straight into the pockets of his family members and close associates. If this happens, customers of Samsung lnsurance are just a means of earning trillions of won for Chairman Lee and those close to him.

Customers who have contributed to the growth of Samsung lnsurance will see no benefits.

 

The Chairman of the Financial Supervisory Commission said, “The initial public offering of Samsung lnsurance within this year is in full review.” This remark strongly suggests that there has been collusion with Samsung behind the scenes.

If the government cut a deal with Samsung through collusion, the real intent of the government can be called into question. Some observers believe hat the government struck a deal with Samsung because of a private donation from the Chairman with the listing of Samsung lnsurance.

 

How to deal with a debt-ridden Samsung Motors is truly a serious issue, but such unreasonable and nonsensical actions cannot earn the support of the people. These actions will create chaos for the Koren economy. There will be issues of illegal ownership, tax evasion, the formation of slush funds and smuggling.

 

If there are no other solutions, the best thing to do is to come clean with the truth and remove every source of doubt and distrust. This is the only way for the companies to avoid a moral threat to society. The government and Samsung must answer the needs of our times. ln countries like the United States, the government sets and enforces the rules and business must follow or suffer the consequences.

There is a rule of law that governs the way companies and people behave.

But in Korea, companies like Samsung often set the rules, and the government goes along with them. The legal system often bends to meet the needs and desires of big business, even to the point where judges can be swayed.

This is not the way it should be. This is harmful to the economy.

Korea should follow the example of countries like the United States.

 

I write this article believing that if reforms thake polace, the Korean economy can rise to greatness with an era of 20,000 GDP per capita. Our country can emerge as a great cultural powerhouse in the world.

I did not write to criticize a specific company and the actions of the government.

My article is based on a full review of established facts and statistics. I would urge all businessmen and government officials to listen closely to the call of the times and to answer them.

Written by David ,Chang Published Registration No 2 - 3394

 

 

      

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