Korea Shipbuilders Take Firmer Stance on Business Ethics
Korea’s big three shipbuilders are committed to making a fresh start with regard to business ethics in 2014 after getting hit with bribery scandals in 2013, reports the Korea Joong Ang Daily.
According to the Korea Joong Ang Daily, Hyundai Heavy Industries, the nation’s largest ship manufacturer, held an “ethics management resolution” event recently at its headquarters in Ulsan during a management strategy seminar. HHI Chairman Lee Jae-sung and more than 150 high-ranking executives, including CEOs from affiliates, signed a pledge to pursue ethical management.
The Ulsan District Prosecutors’ Office announced it detained twelve former employees of HHI for taking bribes from suppliers, while three employees of HHI suppliers were also arrested. They believed that the HHI employees received about 3.6 billion won ($3.3 million) from suppliers since 2007. Some employees received bribes through family members’ bank accounts and even through the account of a bar waitress.
Korea's Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries (010140.KS) have also taken measures to prevent bribery and corruption add the newspaper.
Source: Korea Joong Ang Daily