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Yonhap News Summary

Yonhap News Summary 17:13 September 27, 2019

The following is the second summary of major stories moved by Yonhap News Agency on Friday.

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(LEAD) Moon warns prosecution not to abuse its authority over justice minister probe

SEOUL -- President Moon Jae-in stressed the need Friday for far-reaching reform of South Korea's prosecution, responding to a heated political controversy over the way state prosecutors are investigating a fraud and corruption scandal involving Justice Minister Cho Kuk's family.

The prosecution has been intensifying a probe into the case, highlighted by a raid on the minister's house earlier this week.

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(LEAD) S. Korea, Bulgaria to strengthen partnerships on nuclear energy, ICT

SEOUL -- The leaders of South Korea and Bulgaria agreed Friday to bolster strategic partnerships between the two nations in various fields, including nuclear energy, ICT and arms production.

The accord came at summit talks here between President Moon Jae-in and visiting Prime Minister Boyko Borissov, according to Cheong Wa Dae.

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FM holds talks with UAE counterpart at U.N. meeting

SEOUL -- Foreign Minister Kang Kyung-wha held talks with her counterpart from the United Arab Emirates (UAE) in New York on Thursday (U.S. time) and discussed joint efforts to enhance ties and other regional issues, her ministry said.

In the meeting with Sheikh Abdullah bin Zayed Al Nahyan, she stressed that their countries' special strategic partnership has been making tangible progress through cooperation in many areas, including science and technology and nuclear energy, the ministry said in a release.

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U.S. court dismisses 8-bln euro lawsuit against Woori Bank

SEOUL -- A court in New York dismissed an 8-billion euro (US$8.7 billion) lawsuit by AJ Energy LLC against South Korea's Woori Bank over an alleged failure in bank transfer, the bank's parent Woori Financial said Friday.

Little-known AJ Energy, which is reportedly registered in Nevada, filed the lawsuit in March last year, claiming that Woori Bank failed to transfer the money.

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(LEAD) Local activist fund becomes Daelim's No. 2 shareholder

SEOUL -- Local activist hedge fund Korea Corporate Governance Improvement (KCGI) has become the No. 2 shareholder of the holding company of South Korean construction conglomerate Daelim Group, industry sources said Friday.

The KCGI fund bought 32.6 percent of Daelim Corp. from the UniKorea Foundation for 120 billion won (US$99 million), according the sources. The foundation earlier this month announced that it will sell its stake in Daelim Corp. for tax reasons.

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(LEAD) Court rules in favor of airport-stranded Angolan family seeking refugee status

SEOUL -- Overturning a lower court decision, a Seoul appellate court on Friday ruled in favor of an Angolan family stranded at the country's main airport while applying for refugee status in the country after fleeing persecution in their homeland.

The Seoul High Court ordered immigration officials to grant the family a chance to apply for refugee status, ruling in favor of the Angolan family who has been staying at Incheon International Airport since their arrival on Dec. 28.

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(LEAD) Seoul stocks sink over 1 pct on bleak chip sector, U.S. political uncertainties

SEOUL -- South Korean stocks closed lower on Friday, falling by more than 1 percent, as investors worry about the bleak outlook for the global chip sector and political uncertainties in the United Sates. The Korean won lost ground against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) slipped 24.59 points, or 1.19 percent, to close at 2,049.93. Trade volume was slim at 280 million shares worth 3.4 trillion won (US$2.8 billion), with losers outnumbering gainers 563 to 264.
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