South Korean Special Prosecutor Detains NPS Chair

UPDATE: On December 29, 2016, Korea’s National Pension Service (KNPS) Chairman Moon Hyung-pyo reversed a public denial earlier and acknowledged that he had pressured KNPS to approve an US$ 8 billion merger between two Samsung Group affiliates in 2015.

“What we can say is former minister Moon initially denied the charge (of pressuring NPS) but acknowledged that he ordered NPS to vote for the merger at the time when he was the minister,” commented spokesman Lee Kyu-chul from the government special prosecution team.

A South Korean government special prosecution team, appointed by lawmakers, continues to investigate an expanding corruption scandal that ensnared the country’s presidency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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