Samsung & pension fund offices raided in high profile South Korea corruption probe

‘South Korean prosecutors have raided the offices of Samsung Group and the National Pension Service (NPS), as part of a widening investigation into Choi Soon-sil, a woman charged with embezzlement and influencing the decisions of President Park Geun-hye.
Prosecutors are working on the assumption that the Korean President might have pressured the pension fund, the third-largest in the world, to back Samsung’s merger plan last year, in return for favors given to her close friend Choi Soon-sil.
The fund backed Cheil Industries Inc.’s $8 billion deal bid to merge Samsung C&T Corp. The NPS, which held an 11.6 percent stake in Samsung C&T Corp., and a five percent stake in Cheil Industries Inc., played a key role in the merger.’
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