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[Minute to Read] Samsung chief acquitted after nine-year legal battle
The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: July 14-18.
Samsung chief acquitted after nine-year legal battle
Lee Jae-yong, executive chairman of Samsung Electronics, was acquitted on July 17 of charges tied to the 2015 merger between Cheil Industries and Samsung C&T, a key step in consolidating his control over the group. The Supreme Court ruling ends a legal battle that has spanned nearly a decade. Lee was indicted in 2020 for stock manipulation and accounting fraud, with prosecutors alleging the merger was orchestrated by Samsung’s now-defunct Future Strategy Office to ease his succession. He appeared in court 102 times during the trial and appeal process. Though cleared in this case, Lee had previously been convicted in separate cases involving bribery and illegal propofol use. A civil suit filed by the National Pension Service over merger-related losses is still pending.
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No US ambassador to Seoul six months into Trump’s second term
Six months into his second term, U.S. President Donald Trump has yet to nominate an ambassador to South Korea, leaving the post vacant amid a lack of senior diplomatic presence in both countries. A South Korean official said Washington has not even requested an agrément, suggesting no candidate has been selected. While Korean American Michelle Park Steel was once rumored as a contender, diplomatic sources say no serious vetting is underway. The delay contrasts with Trump’s swift appointments to China and Japan, where envoys were confirmed by May. In Seoul, the role remains filled by acting ambassador Joseph Yun, a holdover from the Biden era whose term has not been renewed.
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Lee appoints former Doosan chairman to lead special delegation to US
President Lee Jae-myung has tapped former Doosan Group chairman and former head of the Korea Chamber of Commerce and Industry Park Yong-maan to lead a special delegation to the United States. He will be joined by Democratic Party lawmakers Han Jun-ho and Kim Woo-young. The visit comes amid ongoing tariff negotiations, and Park’s appointment reflects the administration’s effort to bolster economic diplomacy by leveraging business leadership. Kim Chong-in, a former interim leader of the main opposition People Power Party, and Democratic Party lawmaker Lee Un-ju—both previously floated as potential envoys—were not included.
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Hanwha to sell Five Guys Korea franchise rights
Hanwha Group is preparing to sell its South Korean franchise rights to Five Guys, the American premium burger chain it introduced in 2023. The business marked the first major venture led by Kim Dong-seon, third son of Hanwha Chairman Kim Seung-youn and executive vice president at Hanwha Galleria Corp. According to investment banking sources, FG Korea Inc.—a wholly owned Hanwha Galleria subsidiary and exclusive operator of Five Guys in South Korea—is now up for sale. Samil PwC has been appointed as lead advisor, and investment teasers have been sent to private equity firms. The deal is expected to involve a 100% stake, though final terms are still under discussion.
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Voice phishing losses hit record high in South Korea
Voice phishing scams in South Korea are surging as criminals adopt AI technologies like deepfake images and voice cloning to carry out highly targeted fraud. Using personal data from social media, scammers now impersonate victims’ family members with alarming accuracy. On July 15, the National Police Agency reported voice phishing losses hit 642.1 billion won ($470 million) in the first half of 2025—the highest ever for the period. Annual losses are expected to surpass 1 trillion won ($730 million) for the first time. In 2024, the average loss per victim topped 40 million won ($29,000), up 73% from the previous year.
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SK Telecom awarded governmental AI project despite lacking security certification
SK Telecom was selected as the top bidder for a government-backed GPU leasing project worth 150 billion won ($108 million) despite lacking Cloud Security Assurance Program (CSAP) certification, a key cybersecurity standard. The program, launched in May, aims to provide GPUs to AI developers. SK Telecom will handle a segment involving 1,000 B200 GPUs, making it the only leading bidder without CSAP certification—a process that can take up to a year. Previous government projects required CSAP approval, raising questions given SK Telecom’s recent hacking incident.
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Downpours batter South Korea, causing deaths and major disruptions
Torrential rains hit South Chungcheong Province starting July 16, dumping over 300 millimeters of water and triggering floods and landslides. Four people died nationwide, three of them in the province. In Seosan, two men were found dead in submerged cars, and in Dangjin, another man was found in a flooded basement after 375.5 millimeters of rain caused a stream to overflow. More than 1,000 residents were evacuated from eight cities and counties. On July 17, 502 schools suspended classes across the region. Train services were also disrupted, with KORAIL halting operations on major lines, including parts of the Gyeongbu, Janghang, and Seohae routes.
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