Bankers and traders went on a white-knuckle ride in South Korea last month. But this time North Korea and the war in Iraq couldn’t take all the blame.
The country was rocked by an accounting scandal. SK Global, the trading arm of the SK Group, the country’s third-largest chaebol (conglomerate) was accused of inflating profits by W1.56 trillion ($1.2 billion) and hiding bank obligations of W1.1 trillion. SK Group’s chairman, Son Kil Seung, and 10 other executives were indicted.
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