The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Aug. 1.
Exclusive: TMON, WeMakePrice, Qoo10 executives charged with fraud and embezzlement
On Aug. 1, South Korean prosecutors raided the offices and residences of executives from e-commerce platforms TMON, WeMakePrice, and Qoo10, including CEO Ku Young-bae, charging them with fraud totaling 1 trillion won ($730 million) and embezzlement of 40 billion won. The raids targeted three executive residences and seven corporate offices, including TMON and WeMakePrice headquarters, following a Financial Supervisory Service request for an investigation into payment delays. Prosecutors allege that Ku embezzled 40 billion won intended for TMON and WeMakePrice to acquire U.S. e-commerce company Wish and suspect that the companies defrauded consumers by selling gift certificates at unsustainable discount rates while facing severe capital erosion.
Exclusive: Health workers seek opportunities abroad as local crisis deepens
Amid a growing medical workforce crisis in South Korea, approximately 300 doctors and nurses attended a recruitment briefing organized by Singapore’s MOH Holdings in Seoul on June 27, exploring job opportunities in Singapore. The event, which filled its participant quota in just three days, saw around 200 doctors—half of whom were residents—and 100 nurses seeking positions abroad due to difficulties securing local employment. Attendees sought information on Singapore’s medical license requirements, working conditions, and workload, with some participating in on-site interviews. This interest in overseas employment comes amid rising concerns about the South Korean medical system, with the Korean Medical Association noting a surge in doctors considering work abroad and debating policy support for such moves. However, challenges such as visa requirements and language barriers remain significant obstacles for those looking to practice medicine internationally.
LG Chem climbs to 4th in global chemical rankings, leading S. Korean industry
LG Chem has become the first Korean company to rank 4th in the global chemical companies list by ‘C&EN’, the chemical industry magazine published by the American Chemical Society, marking a 3-place rise from last year’s 7th position. Among Asian companies, it is second only to China’s Sinopec, which ranked 2nd. This achievement makes LG Chem the first domestic company to enter the top 5 in C&EN’s chemical company rankings.
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