South Korea

August 2005 | Risk Summary

South Korea's ambassador to Washington, Hong Seok-hyun, has resigned amid allegations that he delivered bribes to presidential candidates for Samsung during the 1997 Korean election campaign. The scandal has exposed the continuing tight relationship between politicians and business leaders, and although the incident happened eight years ago it could also damage President Roh Moo-hyun by casting doubt on his judgement in appointing Mr. Hong. The president came to office pledging to reform the powerful chaebol conglomerates, but despite some efforts the drive has lost momentum and corruption remains a major problem.

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