ADVERTISEMENT

Pension chief admits pushing Samsung deal in Park probe

Hong said prosecutors have applied for a warrant to formally arrest Moon for abuse of power and giving false testimony.

The chief of the state-run National Pension Service has admitted to pressuring the state-run fund to back a merger of two Samsung units, South Korean prosecutors say

Park is accused of colluding with long-time confidant Choi Soon-Sil to strong-arm companies like Samsung into handing over tens of millions of dollars to dubious foundations which Choi controlled.

As part of the investigation, a team of special prosecutors has been looking into whether Samsung bribed Choi to win state approval for the merger of two of its units in July last year.

Former health minister Moon Hyung-Pyo -- now National Pension Service (NPS) chief -- was taken into emergency detention Wednesday on allegations that he pressured the fund to vote in favour of the merger when he served in the health ministry.

ADVERTISEMENT

"He admitted that he gave such orders," Special Prosecutors' Office spokesman Hong Jung-Seok said.

Hong said prosecutors have applied for a warrant to formally arrest Moon for abuse of power and giving false testimony. At a parliamentary hearing in November, Moon had denied any involvement in the merger.

The merger of Samsung units Cheil Industries and Samsung C&T last year was seen as a crucial step to ensure a smooth father-to-son power transfer to Lee Jae-Yong, scion of Samsung's founding family.

Critics said it undervalued Samsung C&T stock but NPS -- the world's third largest public pension fund and a major Samsung shareholder -- backed the deal, allegedly incurring hundreds of millions of dollars in losses for NPS subscribers.

Choi has been formally indicted on charges of abuse of power and coercion.

ADVERTISEMENT

Parliament voted to impeach Park on December 9, accusing her of constitutional and criminal violations ranging from a failure to protect people's lives to bribery and abuse of power.

The case is now being considered by the Constitutional Court which was given 180 days to rule on the validity of the impeachment.

The first hearing for Park's impeachment is scheduled for next Tuesday.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Siamese twin gets married while still conjoined with her sister

Siamese twin gets married while still conjoined with her sister

LP BoT kicks out Abure despite convention victory, takes over party affairs

LP BoT kicks out Abure despite convention victory, takes over party affairs

6 Labour Party lawmakers defect to PDP in Enugu State

6 Labour Party lawmakers defect to PDP in Enugu State

Tinubu's special assistant donates food items to 1,700 residents in FCT

Tinubu's special assistant donates food items to 1,700 residents in FCT

Anambra PASAN begins strike over Soludo's failure to grant financial autonomy

Anambra PASAN begins strike over Soludo's failure to grant financial autonomy

Governor Sanwo-Olu pays ₦4.48 billion to 1,455 retirees in accrued pensions

Governor Sanwo-Olu pays ₦4.48 billion to 1,455 retirees in accrued pensions

Court discharges ex-AGF Adoke, 6 others in Malabu oil scam case

Court discharges ex-AGF Adoke, 6 others in Malabu oil scam case

Nigerians are expected to pay for TV licences — here’s what the law says

Nigerians are expected to pay for TV licences — here’s what the law says

BEDC management denies rumours of dissolution, increases revenue

BEDC management denies rumours of dissolution, increases revenue

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT