Penalty imposed on Samsung scion for unlawful purchase

Article Abstract:

South Korea's National Tax Service has levied an inheritance tax against Lee Jae Yong of the Samsung Group for illegally acquiring Samsung SDS Co. bonds at a reduced price. Minority Samsung shareholders claim that chairman Lee Kun Hee was trying to pass his wealth to his son illegally. Also, Kookmin Bank and Housing and Commercial Bank will merge to form the largest bank in South Korea.

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OCBC may start consolidation trend

Article Abstract:

Oversea-Chinese Banking Corp. offered a US$2.7 billion takeover bid for Keppel Capital Holdings Ltd., and shares of both banks rose in anticipation of a possible bidding war. Consolidation of banks in Singapore may increase, because the government has encouraged mergers as a method of protection against foreign bank competition.

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Court voids government agency's takeover of Bank Bali

Article Abstract:

This article discusses the ruling by the Indonesian State Administrative Court that the takeover of Bank Bali by the Indonesian Bank Restructuring Agency was illegal. The ruling raises questions about the status of other banks taken over by the agency.

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