Arrest warrants sought for construction firm officials in case allegedly involving ex-first lady
The investigation team, led by special counsel Min Joong-ki, said it filed the warrants against Lee Il-jun and Cho Sung-wok, current and former chairman of Sambu Construction Co., respectively, along with a former vice chairman and a former CEO, on charges of violating the Capital Markets Act.
It marks the first time arrest warrants have been sought by the special counsel team since it launched its investigation into allegations involving Kim earlier this month.
The four executives are accused of allegedly duping investors into buying the firm's shares in 2023 on false information that it would take part in reconstruction projects in war-torn Ukraine, then selling off their shares at inflated prices to pocket massive illegal profits.
The former first lady is alleged to have played a role in the scheme.
Also on Monday, the special counsel team summoned the founder of Kakao Corp. and executives of several other companies for questioning over an investment scandal linked to one of Kim's aides.
Kakao founder Kim Beom-su; vice chairman of HS Hyosung Corp. Jo Hyeong-sang; former president of the Korea Securities Finance Corp. Yoon Chang-ho; and former Daou Kiwoom Group Chairman Kim Ik-rae were told to appear for questioning at 10 a.m. Thursday.
The scandal centers on allegations that a man surnamed Kim, who served as a "butler" for the former first lady's family, had reportedly received 18 billion won (US$13 million) in illegal investments from several companies, including Kakao Mobility Corp., for his rental car company, IMS, in 2023.
The special counsel suspects that the funds invested in IMS may have been funneled to the former first lady in the form of slush funds.
The executives were summoned as witnesses in the case, though their status could change to suspects depending on the outcome of the probe, officials said.
"We will begin questionings of top decision makers of the companies (involved) ... this week to swiftly find the truth behind the so-called 'butler gate' and prevent the destroying of evidence," assistant special counsel Oh Jung-hee said in a regular press briefing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 hours ago
- Korea Herald
Hybe chairman referred to prosecution over alleged unfair trading
Financial authorities on Wednesday referred Bang Si-hyuk, chairman and founder of K-pop powerhouse Hybe, to the prosecution over alleged fraudulent securities transactions related to the company's listing, officials said. The Securities and Futures Commission under the Financial Services Commission decided to forward the complaint against Bang and three former Hybe officials for their alleged violation of the Capital Markets Act regarding the company's initial public offering. Bang is accused of misleading investors, including venture capital firms, in 2019 into believing that Hybe's IPO would be delayed and inducing them to sell their shares to a special purpose company (SPC) established by a private equity fund created and funded by Hybe executives. Investors sold their shares to the SPC, but financial authorities determined that Hybe was, at the time, already in the process of preparing for its listing. After the company went public, the SPC sold its shares, and Bang reportedly received 30 percent of the profit from the share sale in accordance with a prior shareholder agreement. "We plan to actively cooperate with the prosecution's investigation to thoroughly uncover the allegations surrounding this high-profile case," the SFC said. "Any violations found will be thoroughly investigated and strictly punished." Hybe earlier apologized for the allegations related to the IPO process, while claiming that the listing was carried out in compliance with relevant laws and regulations. (Yonhap)
Korea Herald
5 hours ago
- Korea Herald
LS Electric ramps up Vietnam strategy as ASEAN demand surges
Korean firm highlights power conversion, smart factory solutions at Vietnam's premier electrical industry expo Korea Herald correspondent HANOI, Vietnam — LS Electric presented its advanced electric solutions for sustainable energy transition at Elecs Vietnam 2025, underscoring the growing importance of the ASEAN region as its second-largest market after North America. 'Southeast Asia stands out as a crucial market for us and continues to grow,' said Kim Jong-woo, chief operating officer of LS Electric, during a media briefing at the company's exhibition booth on Wednesday. 'In Vietnam, where we expanded our production facility three years ago, we are now increasing its manufacturing capacity. Our goal in Southeast Asia is to win more local projects by expanding local production capabilities, like we've done in Vietnam.' Highlighting 'K-electricity' as a new buzzword following 'K-food' and 'K-culture,' Kim added that LS Electric aims to strengthen its production, engineering and service maintenance capabilities to drive both organic and inorganic growth in the ASEAN market, which also serves as a strategic export hub for North America and the Middle East. LS Electric was the first among Korean heavy electrical equipment manufacturers to enter Vietnam, making its debut in the 1990s. It has since maintained dominance in the local low-voltage power equipment market, boasting a 45 percent market share as of last year. Tran Viet Cuong, deputy director of Consrich Vietnam, a power distribution panel manufacturer, said his company has maintained business ties with LS Electric for over 20 years, primarily due to its strong brand recognition. 'Although we've also used products from HD Hyundai Electric, LS Electric's Korean rival, which is more competitively priced, LS still has a stronger presence in Vietnam,' Cuong noted. 'LS Electric also stands out for its delivery speed. Even during the COVID-19 pandemic, while Japan's Mitsubishi faced production delays, LS maintained efficient operations through its local distribution network.' Building on the trust of its client companies, LS Electric is pioneering the next-generation electric solutions market in Vietnam. This sector is also in line with the Vietnamese government's commitment to expanding power infrastructure as a key driver of economic growth. Notably, the power equipment supplier focuses on 'energy storage systems,' a crucial component for stabilizing the rising power demand. The ESS largely consists of a battery and power conversion systems. 'While battery manufacturers are venturing into the ESS sector, it has traditionally been the domain of electric companies, which are in charge of the PCS to ensure stable management of the power system,' said an LS Electric official. LS Electric's Bac Ninh facility in Hanoi supplies PCS for Samsung SDI's Samsung Battery Box, a utility-scale ESS that is fully contained within a standardized shipping container. LS Electric also looks to provide smart factory solutions, already integrated in its Cheongju plant in South Korea, for Vietnamese manufacturing companies, including real estate developers. Last year, the company signed an agreement to build a smart factory for Becamex's industrial complex in Binh Duong. 'We are already targeting smart factory markets in Europe, particularly Germany,' said another LS Electric official. 'Our solutions enable full automation of the equipment, with facility data being uploaded via (Internet of Things) for monitoring within a digital twin. This setup allows for remote quality inspections and operations. It can improve the efficiency of the equipment by accumulating and analyzing collected data.'
Korea Herald
21 hours ago
- Korea Herald
LAS VEGAS SANDS BREAKS GROUND ON NEW ULTRA-LUXURY DEVELOPMENT IN SINGAPORE
Officiated by Singapore's Prime Minister and Minister for Finance Lawrence Wong, together with Las Vegas Sands co-founder Dr Miriam Adelson, the groundbreaking ceremony marks a milestone moment for the upcoming US$8 billion tourism gamechanger. SINGAPORE, July 15, 2025 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS) marked a momentous milestone on Tuesday evening with the groundbreaking of its new US$8 billion ultra-luxurious resort and entertainment destination in Singapore, expanding its regional footprint and strengthening its commitment to the Republic's future. Experience the full interactive Multichannel News Release here: The occasion was officiated by Singapore's Prime Minister and Minister for Finance Lawrence Wong; Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu; and Las Vegas Sands co-founder Dr Miriam Adelson, Chairman and Chief Executive Officer Robert Goldstein, and President and Chief Operating Officer Patrick Dumont. Robert Goldstein, Chairman and Chief Executive Officer of Las Vegas Sands, said: "With its opening in 2010, our founder Sheldon G. Adelson embarked on a journey in Singapore with Marina Bay Sands and the people of Singapore that promised to change the face of tourism in the region. Fifteen years later, we have delivered on these ambitions and more. Marina Bay Sands is the world's most successful integrated resort in history, and the gold standard in the industry. It has been truly incredible to witness Mr Adelson's vision come to life, and we are proud to carry his legacy forward with today's groundbreaking ceremony for our new development here. We have every intention of delivering a product that will be the envy of the hospitality industry and ushers in a new era of luxury tourism in Singapore." When completed, the new development is set to redefine industry standards further and push boundaries in the realms of luxury tourism, hospitality and entertainment, curating the finest and most exclusive suite of experiences for travellers. The pioneering project will feature a soaring 570-suite luxury hotel tower capped with signature rooftop and dining experiences, luxury retail boutiques, gaming, holistic spa and wellness amenities, and approximately 200,000 square feet of premium meeting space. A purpose-built 15,000-seat arena situated against the stunning backdrop of Marina Bay aims to enhance the live entertainment scene in Asia. Proving to be another extraordinary feat of engineering, the new property is being designed by the acclaimed Safdie Architects, led by Moshe Safdie—the visionary firm behind Marina Bay Sands' world-renowned design. A World Beyond Rotated at a 45-degree angle to frame panoramic views of both the Marina Bay and the Singapore Strait, the 55-storey hotel tower rises with its twin wings curving outward as they ascend toward the sky. Taking inspiration from the island's lush urban greenery, the development will see biophilic designs being integrated throughout the building along with a significant proportion of green amenities. The crowning achievement of the hotel tower is the revolutionary 76,000-square-foot Skyloop — a breathtaking haven that intuitively combines both elevated public and private spaces. As a counterpart to the iconic Sands SkyPark at Marina Bay Sands, the Skyloop's form is defined by overlapping elliptical volumes that spiral in opposing directions, giving the tower an overall dynamic quality, and affording 360-degree views. The lower Skyloop interweaves several points of public access, including an observatory, destination restaurants and lush rooftop gardens. Above, hotel guests can enjoy secluded experiences: private cabanas, infinity-edge pools and shading palms. There will also be a cantilevered wellness terrace that is designed for yoga, arts and specialty events. Situated adjacent to the hotel tower, the podium serves as a bustling hotspot for business, entertainment and cultural exchange. At its core is a 15,000-seat state-of-the-art arena being helmed by global design firm Populous—responsible for some of the world's most recognisable entertainment venues, including the Sphere in Las Vegas and the O2 Arena in London. Specially designed to host the highest calibre of regional and international touring acts, concerts and large-scale live events, the venue will be optimised for unparalleled acoustics, sightlines and production flexibility. The venue will also be integrated with new and existing developments within the Marina Bay precinct for greater efficiency and pedestrian connectivity, providing direct access to Bayfront MRT station and linkways between Marina Bay and Gardens by the Bay. More than 220 guests attended the groundbreaking event tonight, which featured captivating performances by homegrown artist Jasmine Sokko and Canadian singer-songwriter and multi-instrumentalist Henry Lau. The lavish affair was accompanied by a curated culinary experience from Marina Bay Sands' signature restaurants, including a taste preview of upcoming Cantonese restaurant Jin Ting Wan. To commemorate the occasion, Marina Bay Sands was illuminated in a wash of golden hues—a stunning public spectacle that spanned the entire property from its three towers and the SkyPark Observation Deck to the Marina Bay Sands Expo & Convention Centre. In celebration of the milestone year of SG60, Marina Bay Sands also commissioned a cinematic tribute to the nation. Titled " Nothing Comes by Chance", the film by local director Kirsten Tan reflects on Singapore's commitment to shaping a bright future, underscored by resilience, ambition and constant reinvention that parallels Marina Bay Sands' growth and spirit. It features prominent Singaporean talents who have helped define its global presence across arts, culture, sports and entertainment, such as Tan Kheng Hua, Quah Zheng Wen, Pierre Png and Jasmine Sokko—offering a heartfelt ode to the nation. Shaping a Greener Horizon In line with Marina Bay Sands' global strategy Sands ECO360, sustainability will remain at the heart of the new building's architecture and operations. Different approaches towards designing shade for guest comfort and reduced energy consumption are being explored. This includes a self-shading façade system that utilises high-performance glazing and internal blinds to lower direct solar heat transfer and improve energy efficiency. Each suite will have its own private terrace and garden, while outdoor dining venues will be fitted with canopies to shield guests from the elements. Tree species native to the Southeast Asian region will also be planted where possible, paying tribute to the development's prime location. As construction works proceed, best practices will be adopted including the use of materials with reduced environmental impact such as low-carbon concrete and recycled steel to lower the project's upfront environmental footprint. A construction waste management plan has also been set in place, where on-site segregation and recycling will be implemented and at least 75 per cent of construction waste will be diverted to significantly reduce landfill disposal. Towards New Heights Since its inception, Marina Bay Sands has become an iconic symbol of Singapore, transforming the nation's tourism landscape as a leading leisure, business and entertainment destination in Asia. It hosted a record-breaking 2,200 events last year, drawing 1.2 million MICE delegates. In March this year, the property welcomed its 500 millionth visitor. With more than 12,000 Team Members directly employed by the integrated resort and 92 per cent of procurement spent on local businesses in 2024, it has also contributed to Singapore's economy through the creation of new jobs and support for homegrown small- and medium-sized enterprises (SMEs). These figures are set to rise in the coming years as Marina Bay Sands expands its operations in Singapore. "Over the years, Marina Bay Sands has been integral in strengthening Singapore's position as a major tourism powerhouse. By the time our new ultra-luxury development is complete, Las Vegas Sands will have invested more than US$15 billion since we started operations in Singapore in 2010. This speaks volumes of our confidence in this region, and the potential that we continue to see in Singapore," said Patrick Dumont, President and Chief Operating Officer of Las Vegas Sands. "We are privileged to have benefited over the past 15 years from factors that make Singapore great - excellent infrastructure, and a strong and supportive government with a forward-looking vision." Mr Dumont added: "We are proud of the transformative impact that Marina Bay Sands has had and are highly optimistic about building on this strong foundation. Our new development will raise the bar and redefine the ultra-luxury hospitality realm on a global scale, fuelling further growth of high-value tourism while our state-of-art arena will attract the world's most popular performers and usher in a new era of live entertainment in the region. We look forward to forging a new chapter together and continuing to contribute meaningfully to Singapore's future success." About Sands (NYSE: LVS) Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit. Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian Macao®, The Plaza Macao and Four Seasons Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd. Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America. To learn more, visit About Marina Bay Sands Pte Ltd Since its opening in 2010, Marina Bay Sands has stood as an architectural marvel and the crown jewel in Singapore's skyline. Home to the world's most spectacular rooftop infinity pool and approximately 1,850 rooms and suites, the integrated resort offers exceptional dining, shopping, meeting and entertainment choices, complete with a year-round calendar of signature events. Marina Bay Sands is dedicated to being a good corporate citizen to serve its people, communities and environment. It drives social impact through its community engagement programme, Sands Cares, and leads environmental stewardship through its global sustainability programme, Sands ECO360.
