Doosan Group in Internal Dispute
Park YS Suspected of Raising $16 Mil. in Slush Funds
Resisting the request for resignation, Park Yong-oh has delivered letters of criticism against the management succession to the prosecution and a broadcasting company this week, thus plunging the group into serious internal dispute and family feud.According to the sources, Park Yong-oh alleged in his letter that his younger brother Park Yong-sung has illegally raised some 17 billion won in slush funds through a beer sales outlet for the past 20 years and embezzled part of the funds. He demanded for prosecution investigation into the scandal and other wrongdoings allegedly committed by Park Yong-sung .
As a result of the whistle-blowing and ensuing internal dispute, the reputation of Doosan Group as well as its corporate credibility is at stake.
The newly appointed Park Yong-sung heads an industry lobby group, the Korea Chamber of Commerce and Industry, and serves as a member of the International Olympic Committee.
Doosan has 19 affiliates under its wing and generated annual sales of US$10.5 billion in assets. As the the world's No.1 desalinization plant manufacturer, Doosan is expected to see record orders from Middle East countries this year. It won a $6.5 million order to build a desalinization plant in Libya in February and a $28 million contract to improve water facilities in Kuwait.
Last year, it secured orders worth $1.15 billion for large desalinization equipment from the Middle East. Middle Eastern countries, such as Qatar and Oman, are focusing on building desalinization facilities with profits from a surge in international oil prices.
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