Latest news with #KimMin-seok
The Star
3 days ago
- Entertainment
- The Star
YouTube's top star ‘Baby Shark' creator Pinkfong applies for IPO in South Korea
SEOUL (Bloomberg): The company behind "Baby Shark,' the most watched YouTube video of all time, will go public in South Korea. Pinkfong Co. submitted the paperwork to apply for an initial public offering on the small-cap Kosdaq index on Thursday, the company said in an email. Though Pinkfong declined to comment on the size of the deal, Korea Economic Daily reported the company may fetch a valuation of about 700 billion won (US$507 million). Watched almost 16 billion times, the Korean jingle is more than 7 billion views ahead of Luis Fonsi's "Despacito' on YouTube as kids worldwide keep watching the video endlessly nearly a decade after it was released. Still, Pinkfong has struggled to replicate the success of that hit, with songs like "Penguin Dance' garnering a more modest 124 million views. Pinkfong Co-founder Kim Min-seok owns more than 18% of the company, while Samsung Publishing Co. holds almost 17%. Shares of Samsung Publishing dropped 8.1% on Friday, extending losses for the second session. Mirae Asset Securities Co. and Samsung Securities Co. are arranging the deal. -- With assistance from Shinhye Kang. - ©2025 Bloomberg L.P.
Korea Herald
16-04-2025
- Business
- Korea Herald
15 company chiefs convicted since 2022 enforcement of Serious Accidents Punishment Act
Fifteen business executive chiefs in South Korea have been handed guilty verdicts under the Serious Accidents Punishment Act since the law's enforcement began in January 2022, the Ministry of Employment and Labor said Wednesday. Between January 2022 when the law came into effect and 2024 year-end, a total of 15 cases were finalized and reported to the ministry. Fourteen of the cases sentenced the company chiefs a suspended prison sentence of one to three years, with just one receiving a one-year prison sentence. The 15 companies were also each assessed penalties of between 20 million and 100 million won ($14,000-$70,000). The Serious Accidents Punishment Act, enacted to hold employers accountable for major workplace accidents, mandates punishment for company heads for serious industrial incidents under their watch. Applicable accidents include those involving at least one fatality, two or more workers suffering injuries requiring at least six months of treatment caused by the same accident or three or more cases of occupational illness caused by the same hazardous factor within a year. If a serious industrial accident occurs and the employer is found to have failed in fulfilling safety obligations, the law prescribes a minimum of one year in prison or a fine of up to 1 billion won. Meanwhile, the ministry on Wednesday also publicly disclosed the names and details of seven workplaces found guilty of violating the law in the latter half of last year, including SY Panel. Under the law, authorities can disclose the company's name and the location, time and cause of the accident, as well as the history of the company's major accidents in the past five years once the conviction is finalized and announced. The seven companies were involved in fatal accidents, such as workers falling from scaffolding or being crushed to death during industrial robot inspections. One case involved multiple workers suffering acute chemical poisoning while handling hazardous materials. All seven executives received suspended prison terms. Deputy Labor Minister Kim Min-seok said the public disclosure is intended to reinforce social consequences of violating the law and to promote a culture of prioritizing worker safety. 'We hope this announcement strengthens awareness that violating the Serious Accidents Punishment Act leads to public disgrace and spreads a culture that sets value on the safety and life of workers,' Kim clarified. 'The government remains committed to reducing serious workplace accidents, especially through targeted oversight of high-risk sites and support for small businesses.'
