Saying Sorry with cash

I haven’t been following the Hyundai Slush Fund story, but Hyundai hopes to have drawn a line under it with a $1bn charitable donation. Samsung apparently adopted a similar approach to the tune of $840mn last year. Lone Star, meanwhile, is making a $100mn donation as a goodwill gesture in relation to its KEB purchase and sale. As Aidan Foster-Carter points out, Lone Star getting the cheque book out sets a grim precedent for other foreign businesses. The Herald Tribune has a good article, while the related comment in the FT (Guy de Jonquieres) has the headline: “Kow-tows in Korea do not buy public trust“. Elsewhere in the FT, Anna Fifield put things in a slightly more cheerful light: “S Korea shines light on shady practices” – on the subject of political corruption.

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