Samsung's alleged slush funds

Samsung ran illegal slush funds under 1,000 former and sitting executives’ bank accounts, argued lawyer Kim Yong-churl who worked at Samsung’s restructuring office, now the strategic management office. He said “the strategic management office has the absolute power given by Lee Kun-hee, and the office is sometimes above law and order.”

“On the 27th floor of Samsung headquarters is a secret safe…… In the safe are there stocks and bonds, gift certificate, and gold.” “Not a single election was held without Samsung’s secret money,” he said, referring part of the secret funds were used for illegal election campaigns by politicians.

Meanwhile Samsung group flatly denied Kim’s accusation, saying there is no ‘bank accounts under the employees’ name.’ “As a global company, we receive a stringent outside audit and it is not possible to have such accounts,” said the company.