Is Seoul Losing The Nerve For Financial Reform?
This has been a disastrous year for Choi Soon Young. The chief of Korea Life Insurance Co. is on trial over charges that he illegally spirited millions of dollars out of the country. His company, which owes $2.5 billion, has been seized and put up for sale by the government. But Choi has one thing going for him: Korea's bureaucracy. Despite two auctions, the agency responsible for the company's fate still hasn't sold Korea Life, the country's third-largest insurer. In fact, there is growing skepticism that Choi will really lose control of the company.
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