Businessweek Archives

South Korean Scandal


International Outlook: GLOBAL WRAPUP

SOUTH KOREAN SCANDAL

New revelations in Seoul could have deep political impact. Prosecutors have uncovered a secret $63 million bank account used by former President Roh Tae Woo and are pursuing allegations that the account was used for kickbacks on major projects, including the country's purchase of F-16 jet fighters, a national high-speed railway project, and nuclear power plants.

The scandal shows how far Korea has come. Prosecutors would have been unlikely to pursue such a case until recently. It might also benefit longtime opposition leader Kim Dae Jung by splitting the ruling Liberal Democratic Party between the conservatives supporting Roh and the liberal wing led by President Kim Young Sam.EDITED BY STANLEY REED


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus