SKewered
A setback for reform
SO MUCH for shaking up South Korean business. Two years ago, when Sovereign Asset Management, a Dubai-based investment fund, bought a stake in SK Corp, it promised to push for change at the South Korean oil refiner. One of its priorities was to pass a resolution banning convicted criminals from holding top jobs at the firm. Alas, SK Corp's board believes, unshakeably, that its particular corporate criminal—Chey Tae-won, the chairman and nephew of the founder—is simply too valuable a manager to replace. So this week, Sovereign admitted defeat and sold its stake.
This article appeared in the Business section of the print edition under the headline “SKewered”
From the July 23rd 2005 edition
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