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Yonhap News Summary

Yonhap News Summary 17:01 October 12, 2021

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

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(LEAD) Prosecutors demand 70 mln won fine for Samsung heir over illegal propofol use

SEOUL -- Prosecutors on Tuesday demanded a 70 million won (US$58,300) fine for Samsung Group heir Lee Jae-yong over his alleged illegal use of propofol, an anesthesia-inducing medication.

In June, prosecutors indicted the Samsung Electronics Co. vice chairman on charges of taking propofol for purposes other than medical treatments.

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(LEAD) S. Korea to donate AstraZeneca vaccine to Vietnam, Thailand

SEOUL -- South Korea will donate AstraZeneca's COVID-19 vaccine to Vietnam and Thailand, as it has enough doses to inoculate its own people and help other countries, the foreign ministry said Tuesday.

South Korea is set to ship 1.1 million doses of the AstraZeneca vaccine to Vietnam and 470,000 doses to Thailand later in the day, which will arrive in the nations on Wednesday, the ministry said.

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DP presidential candidate to keep governorship till end of parliamentary audit

SEOUL -- Gyeonggi Gov. Lee Jae-myung, the ruling Democratic Party (DP)'s presidential nominee, said Tuesday he will keep his governorship through the parliamentary audit of his province, even though the opposition is expected to use the sessions to attack him over a snowballing development corruption scandal.

Observers had predicted that Lee, who was named the DP's standard-bearer for the March presidential election on Sunday, could step down as governor before the National Assembly's audit of the provincial government set for Oct. 18 and Oct. 20.

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(2nd LD) Moon orders thorough probe into Seongnam land development scandal

SEOUL -- President Moon Jae-in on Tuesday ordered a thorough probe into a snowballing corruption scandal involving a close aide to the ruling Democratic Party's presidential nominee.

Cheong Wa Dae spokeswoman Park Kyung-mee told reporters Moon instructed the prosecution and the police to "actively cooperate and do their utmost to uncover the factual truth through a swift and thorough investigation."

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Shareholders OK SK Telecom's non-telecom spinoff

SEOUL -- SK Telecom Co. said Tuesday its shareholders approved the company's plan to launch a non-telecom spinoff in the latest move to make aggressive investments in new tech and semiconductor businesses.

The corporate restructuring -- the first since the company's foundation in 1984 -- is designed to split South Korea's largest wireless carrier into two, spinning off a new investment company as SK Square.

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Chung Ki-sun named CEO of Hyundai Heavy Industries Holdings

SEOUL -- The first son of Chung Mong-joon, the largest shareholder of Hyundai Heavy Industries Holdings Co. (HHIH), has been appointed the new CEO of the holding company, Hyundai Heavy Industries Group said Tuesday.

Chung Mong-joon holds a 26.6 percent stake in HHIH, the holding company of the world's largest shipbuilding group, and his eldest son, Chung Ki-sun owns, a 5.26 percent stake in the company.

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(LEAD) LG Electronics sees Q3 operating profit nearly halved largely due to recall provision cost

SEOUL -- LG Electronics Inc. on Tuesday estimated its third-quarter operating profit to drop nearly by half from a year earlier largely due to a recall provision cost.

In its earnings guidance, the South Korean tech firm estimated its July-September operating profit at 540.7 billion won (US$451 million), down 49.6 percent from a year earlier, because of a recall provision of 480 billion won for General Motors Co.'s electric vehicles.
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