SEOUL: Samsung Electronics’ ailing chairman, Lee Kun-hee, has been named by South Korean police as a suspect in an 8.2 billion won ($7.5 million) tax evasion case that involved the use of bank accounts held by employees.
A series of scandals has dogged the family of Samsung, the country’s biggest business empire.
The chairman’s son, Jay Y. Lee, heir to the Samsung Group, was released from detention earlier this week after an appeals court halved his sentence for bribery and corruption to two-and-half years and suspended it for four years.
Following a heart attack in 2014, the elder Lee, 76, has remained hospitalized in Seoul’s Samsung Medical Center and is difficult to commuicate with having shown little sign of recovery. Until his imprisonment Jay Y. Lee had been regarded as the de facto head of the group.
Police said the elder Lee could not be questioned due to his physical condition and Samsung declined comment.
“Samsung chairman Lee Kun-hee and a Samsung executive managed funds in 260 bank accounts under names of 72 executives, suspected of evading taxes worth 8.2 billion won,” the Korean National Police Agency said announcing plans to send the case to prosecutors.
Police added that the accounts, holding about 400 billion won, were found in the course of their probe into alleged improper payments for the renovation of Lee’s family residence.
The investigation into tax evasion harks back to the late payment of 130 billion won in tax in 2011, though only 8.2 billion of that sum falls within the statute of limitations, according to police.
The corruption case that led to the younger Lee’s arrest last year and brought down the former president Park Geun-hye prompted Samsung to vow to improve transparency in corporate governance and grant heads of the group’s affiliates more autonomy from the Lee family.
The group dismantled its corporate strategy office in late 2017.
The new liberal government led by President Moon Jae-in elected after the corruption scandal promised to put family-run conglomerates under stronger scrutiny and end the practice of pardoning corporate tycoons convicted of white-collar crimes.
Jay Y. Lee has not been seen back at the office since his release on Feb. 5, but members of the Korean business community expect him to take up the reins once again, and invest more in the business to create jobs that might help soothe public anger.
Returning home from prison, the younger Lee apologized for not showing his best side and said he would do what he could, but did not give specifics on his business plans.
While he spent a year behind bars, Samsung Electronics, the world’s top semiconductors maker, earned record profit as it benefited from a memory chip “super cycle.”
It is not the first time the elder Lee has been investigated for tax evasion. He was convicted in 2009 and later pardoned for the same offense after being embroiled in a scandal that also involved the use of accounts held by trusted employees.
Police say they have since identified more such accounts.
Shares in Samsung Electronics rose 1.1 percent compared with a 0.5 percent rise in the wider market. Blue chip tech stocks bounced after recent falls as investors saw current valuations as attractive, analysts said.
Samsung’s beleaguered chairman named as suspect in $7.5m tax evasion case
Samsung’s beleaguered chairman named as suspect in $7.5m tax evasion case
Iran offers to cap sensitive uranium stock as IAEA resolution looms
- Tehran has enough material at up to 60 percent purity for four bombs
- Offer conditional on no resolution against Iran, diplomats say
One of two confidential International Atomic Energy Agency reports to member states, both seen by Reuters, said Iran had offered not to expand its stock of uranium enriched to up to 60 percent purity, near the roughly 90 percent of weapons grade, and had made preparations to do that.
The offer is conditional, however, on Western powers abandoning their push for a resolution against Iran at this week’s quarterly meeting of the IAEA’s 35-nation Board of Governors over its lack of cooperation with the IAEA, diplomats said, adding that the push was continuing regardless.
Iran’s Foreign Minister Abbas Araqchi told his French counterpart Jean-Noel Barrot that the push from France, Germany and Britain to submit a resolution against Tehran would “complicate matters” and contradict the “positive atmosphere created between Iran and the IAEA,” the Iranian foreign ministry said on Wednesday.
During IAEA chief Rafael Grossi’s trip to Iran last week, “the possibility of Iran not further expanding its stockpile of uranium enriched up to 60 percent U-235 was discussed,” read one of the two quarterly IAEA reports.
It added that the IAEA had verified Iran had “begun implementation of preparatory measures.” A senior diplomat added that the pace of enrichment to that level had slowed, a step necessary before stopping.
Western diplomats dismissed Iran’s overture as yet another last-minute attempt to avoid censure at a board meeting, much like a vague pledge of deeper cooperation with the IAEA in March of last year that was never fully implemented.
“Stopping enriching to 60 percent, great, they shouldn’t be doing that in the first place as we all know there’s no credible civilian use for the 60 percent,” one Western diplomat said, adding: “It’s something they could switch back on again easily.”
Iran’s offer was to cap the stock of uranium enriched to up to 60 percent at around 185 kg, or the amount it had two days ago, a senior diplomat said. That is enough in principle, if enriched further, for four nuclear weapons, according to an IAEA yardstick. Iran denies seeking nuclear weapons.
The report said Iran’s stock of uranium enriched to up to 60 percent had grown by 17.6 kg in the past quarter to 182.3 kg as of Oct. 26, also enough for four weapons by that measure.
Inspectors
The second report said Iran had also agreed to consider allowing four more “experienced inspectors” to work in Iran after it barred most of the IAEA’s inspectors who are experts in enrichment last year in what the IAEA called a “very serious blow” to its ability to do its job properly in Iran.
Diplomats said they could not be the same inspectors that were barred.
The reports were delayed by Grossi’s trip, during which he hoped to persuade Iran’s new President Masoud Pezeshkian to end a standoff with the IAEA over long-running issues like unexplained uranium traces at undeclared sites and extending IAEA oversight to more areas.
The draft resolution backed by Britain, France, Germany and the United States condemning Iran for its poor cooperation with the IAEA would also task the IAEA with issuing a “comprehensive report” on Iran’s nuclear activities, diplomats said.
There is little doubt the board will pass the resolution, due to be formally submitted on Tuesday evening for a vote later this week. The last resolution against Iran was in June. Only Russia and China opposed it.
The aim is to pressure Iran to return to the negotiating table to agree fresh restrictions on its nuclear activities since a 2015 deal with far-ranging curbs fell apart. Although most of its terms have been broken, the deal’s “termination day” formally lifting them is in October of next year.
It is the last quarterly board meeting before US President-elect Donald Trump takes office on Jan. 20.
Trump pulled the United States out of the nuclear deal in 2018, which prompted its unraveling. It is far from clear if he would back talks with Iran, having pledged instead to again take a more confrontational approach and align Washington even more closely with Iran’s arch-foe Israel, which opposed the deal.
Japan, Saudi medical centers unite to revolutionize stem cell therapy
- Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business
TOKYO: Cytori Therapeutics Japan and the King Abdullah International Medical Research Center have signed a Memorandum of Understanding to strengthen research and training initiatives in the field of cell therapy.
The signing ceremony took place between Dr. Ahmed Alaskar, executive director of KAIMRC, and Hoshino Yoshihiro, president and CEO of Cytori Therapeutics K.K., during the Riyadh Global Medical Biotechnology Summit 2024.
The partnership underscores the potential of regenerative medicine in treating chronic diseases such as diabetes, liver cirrhosis, critical limb ischemia, chronic wounds, knee osteoarthritis and other aging-related conditions. The aim of combining Cytori’s cutting-edge stem cell technology with KAIMRC’s expertise in translational research is to develop groundbreaking treatments for these critical health issues.
The two organizations will collaborate on fundamental research, clinical trials and other areas of mutual interest, including projects in biomedical R&D, preclinical studies and clinical trials, as well as training and development for staff in health-related and engineering fields.
Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business, specializing in cell therapy services and the development of adipose-derived regenerative cells from human subcutaneous fat tissues for therapeutic use. The company also develops, manufactures, and exports medical devices.
This article is also available on Arab News Japan
Oil Updates – prices little changed as market weighs mixed drivers
SINGAPORE: Oil prices held steady for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing US crude stocks rising.
Brent crude futures dipped 5 cents to $73.26 a barrel by 8:41 a.m. Saudi time. US West Texas Intermediate crude futures was flat at $69.39 per barrel.
The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week.
“We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments,” said Yeap Jun Rong, market strategist at IG.
On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, Moscow said. Russian President Vladimir Putin lowered the bar for a possible nuclear attack.
“This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market,” ANZ analysts said in a note to clients.
On the demand side, US crude oil stocks rose by 4.75 million barrels in the week ended Nov. 15, market sources said on Tuesday, citing American Petroleum Institute figures.
That was a bigger build than the 100,000 barrel increase analysts polled by Reuters were expecting.
Gasoline inventories, however, fell by 2.48 million barrels, compared with analysts’ expectations for a 900,000-barrel increase.
Distillate stocks also fell, shedding 688,000 barrels last week, the sources said.
Official government data is due later on Wednesday.
In a boost to oil price sentiment, there were signs that China, the world’s largest crude importer, may have stepped up oil purchases this month after a period of weak imports.
Data from vessel tracker Kpler showed China’s crude imports are on track to end November at or close to record highs, an analyst told Reuters.
Weak imports by China so far this year have pulled down oil prices, with Brent sinking 20 percent from its April peak of more than $92 a barrel.
6 things we learned from the latest 2026 World Cup Asian qualifiers
- We are bringing you instead of the usual five things we learned from a breathless eight hours or so of action across Asia, we are bringing you five
Tuesday saw a fitting end to this year’s 2026 World Cup qualification matches. It had everything — so much so, we are bringing you that instead of the usual five things we learned from a breathless eight hours or so of action across Asia, we are bringing you five.
No “new manager bounce” and no complaints for Saudi Arabia
Indonesia’s 2-0 win over the Green Falcons — their first — came as no big surprise, given the 1-1 draw in Jeddah back in September. But the fact this was a deserved victory for the hosts was worrying.
When Herve Renard was brought back last month, it was hoped he’d bring with him some of the old magic from the 2022 tournament qualifiers. But it there was a sign of it in last week’s 0-0 draw in Australia, there was none in Jakarta.
Indonesia hit the post in the opening minute and seemed more energetic, more determined and more prepared for the following 90 or so. There were queries about a few refereeing decisions, but that is not why Indonesia won. They were the better team.
No Al-Dawsari — no creativity, no goals
The defeat means there have been three goals scored in six games, two from the head of Hassan Kadesh in China. There have been none in the last four and little threat of any.
The injury to Salem Al-Dawsari, whose status as the country’s best player is reinforced in his absence, was felt deeply. There was nobody to get their foot on the ball, nobody able to run at the defense and nobody who could find that killer pass. There were far too many aimless crosses into the area.
Saudi Arabia perhaps underestimated Indonesia, who were much improved and had a clear game plan.
Luck still on the Saudi side
At this stage in the 2022 World Cup qualifiers, Saudi Arabia had 16 points. They currently have six. Last time, there was a sense they were on the march to Qatar. That’s not the case now. Such results four years ago would have meant that famous win against Argentina never happened.
But it is not over by a long shot. The bright spot is that with Japan running away with one of the top two automatic qualification places, no other team is managing to win much either.
Renard will have been relieved Australia did not taste victory in Bahrain to go three points clear in second; their 2-2 draw means the Socceroos have seven points and the rest — Saudi Arabia, Indonesia, China and Bahrain — are all on six.
The group could not be tighter and, while exciting for the neutral, Saudi Arabian fans will be expecting an improvement in 2025.
Bahrain in late drama again
In a dramatic encounter, Bahrain drew 2-2 with Australia. It is hard to say how the two teams will feel about the result but, for the third time in four home games, there was huge excitement late on. The Reds left it until deep into injury time to get a point against Indonesia in October, and had a late goal disallowed against China only to lose in added time.
This was even more exciting. When Kusini Yengi put Australia ahead in the opening minute, it looked as if the Socceroos would get revenge for their home defeat in September. But then came two goals in three second-half minutes from Mahdi Abduljabbar, putting Bahrain on the brink of a famous victory and into second place in the group. However, Yengi struck again, 95 minutes after his first. The spoils were shared and a tight group got tighter still.
Five-star UAE dash Qatar’s automatic dreams
Two teams with seven points apiece met in Abu Dhabi. Both expected a tight encounter but it proved anything but — the UAE thrashed Qatar, the Asian champions, 5-0. It was a stunning victory and a stunning performance from Fabio Lima, who scored all but one against a hapless Qatari defense.
The signs were there, with 12 goals conceded from the first five games, but there were huge gaps for the hosts to enjoy themselves just as they did with that 3-1 away win on the opening day.
With three away games to come for the UAE this was a must win, keeping them in the hunt for second, three points behind Uzbekistan who beat North Korea 1-0. Qatar are surely out of the running as they trail by six points with just four games remaining. If the 2022 World Cup hosts are going to qualify, they will have to do it the hard way.
Palestine frustrate the stars of Korea, Iraq moving smoothly
For the second time in two months, Palestine held the mighty South Korea to a draw. It was 0-0 in Seoul and 1-1 in Amman, and both results were a credit to their spirit, determination and skill.
Zaid Al Qunbar opened the scoring after 12 minutes, capitalizing on a mistake from Bayern Munich’s Kim Min-jae. Tottenham Hotspur’s Son Heung-min soon equalized, but that was that. This was not one-way traffic; Palestine, playing in front of a largely empty stadium, gave as good as they got and are just three points off fourth.
Iraq, meanwhile, picked up a 1-0 win in Oman to move two points clear of Jordan in third. It is the kind of quiet victory that takes teams to the World Cup. There is still work to do — but the same can be said of all but two or three teams out of the 18.
2025 will be unmissable.
Kerry Washington hits the red carpet in Elie Saab
DUBAI: US actress Kerry Washington showed off a gown by Elie Saab in Hollywood this week, while Jennifer Lopez opted for a look by Lebanese designer Zuhair Murad.
Washington and Lopez attended the 2024 Governors Awards in Los Angeles in their chosen Lebanese designs, with the former opting for an off-white gown from Saab’s Spring/ Summer 2024 Couture line and the latter showing off a beaded number from Murad’s Fall/Winter 2024 Couture collection.
Lopez accessorized with a Tyler Ellis bag, while Washington went for jewelry by British label Anabela Chan to complement the gem-encrusted neckline of her gown.
Lopez made the red carpet appearance fresh off a stint in Riyadh, where she performed at Elie Saab’s 45th anniversary show.
The songstress hit the stage in Saudi Arabia on Nov. 13 alongside Celine Dion, Halle Berry, Camila Cabello, Nancy Ajram and Amr Diab.
Opening the show was none other than Hollywood actress Berry wearing the same Elie Saab gown she wore when she won her first Oscar in 2002, making her the first Black woman to win the award for Best Actress.
Prior to the show, Berry was seen on the red carpet talking about how this was her first time meeting Saab in person, “That was the highlight of this trip for me to finally meet this man who I have been inextricably connected to for 22 years, and to give him a hug and tell him thank you.”
Celebrity stylist Law Roach, known for styling Hollywood A-listers like Zendaya, Anya Taylor Joy, Bella Hadid, and Celine Dion, talked to Arab News about Elie Saab’s ability to transcend eras.
“Elie Saab is one of the few couturiers whose clothes can be passed down to generations and generations and be reinterpreted.”
“Maybe someone got married in it (a dress), and maybe generations down the granddaughter of someone gets married in the same dress, it has that possibility of just being timeless and forever,” he said.
The evening was attended by more than 1,000 guests, including Egyptian actress Youssra; Italian star Monica Bellucci; British models Rosie Huntington-Whiteley, Poppy Delevingne and Jourdan Dunn; supermodels Adriana Lima, Candice Swanepoel and Helena Christensen; and Arab actresses Nadine Njeim, Cyrine Abdel Nour, and Tara Emad.
