South Korean court jails former president Park for 24 years

Agencies
April 6, 2018

Seoul, Apr 6: A South Korean court jailed former President Park Geun-hye for 24 years on Friday over a scandal that exposed webs of corruption between political leaders and the country’s conglomerates.

Park became South Korea’s first democratically elected leader to be forced from office last year when the Constitutional Court ordered her out over a scandal that landed the heads of two conglomerates in jail.

The court also fined Park, the daughter of a former military dictator, 18 billion won ($16.9 million) after finding her guilty of charges including bribery, abuse of power and coercion.

“The defendant abused her presidential power entrusted by the people, and as a result, brought massive chaos to the order of state affairs and led to the impeachment of the president, which was unprecedented,” judge Kim Se-yoon said as he handed down the sentence.

The court ruled that Park colluded with her old friend, Choi Soon-sil, to receive 23.1 billion won from major conglomerates including Samsung and Lotte to help Choi’s family and bankroll non-profit foundations owned by her.

Prosecutors sought a 30-year sentence and a 118.5 billion won ($112 million) fine for Park.

Park, 66, who has been in jail since March 31 last year, has denied wrongdoing and was not present in court.

The judge said Park had shown “no sign of repentance” but had instead tried to shift the blame to Choi and her secretaries.

“We cannot help but sternly hold her accountable,” Kim said.

Park apologized at her trial for seeking help from Choi, who had no policy or political experience, but that was as close as Park came to admitting any guilt.

The sentence will be a bitter blow for Park, who returned to the presidential palace in 2012 as the country’s first woman leader, more than three decades after she left it following the assassination of her father.

Her ouster from office last year led to a presidential election won by the liberal Moon Jae-in, whose conciliatory stand on North Korea has underpinned a significant warming of ties between the rival neighbors.

Moon’s office said Park’s fate was “heartbreaking” not only for herself but for the country, and added that history that was not remembered history would be repeated.

“We will not forget today,” the office said.

Up to 1,000 Park supporters gathered outside the court, holding national flags and signs calling for an end to “political revenge” against her.

SUPPORTERS, OPPONENTS

Prosecutors accused Park of colluding with Choi to receive 7 billion won from Lotte Group for favors, while pressuring big businesses to bankroll non-profit foundations run by Choi’s family and confidants.

Park was also charged with taking bribes totaling 29.8 billion won from Samsung, the world’s biggest maker of smartphones and semiconductors.

Choi was convicted and jailed for 20 years after a separate trial in February.

The chairman of the Lotte Group, the country’s fifth-largest conglomerate, Shin Dong-bin, was jailed for two years and six months.

Samsung Group heir Jay Y. Lee was jailed for a similar term on charges of bribery and embezzlement but in a surprise decision in February, an appeals court freed him after a year in detention.

Park’s supporters and opponents reflect divisions in a society still haunted by Cold War antagonism.

Most supporters are older conservatives who remember her father’s authoritarian 18-year rule, beginning in 1961, when their country began its remarkable surge towards becoming an economic power.

Younger, liberal voters, who staged months of protests against Park before her ouster, will be hoping the verdict will mark a major step towards ending the self-serving collusion between political leaders and the chaebol conglomerates.

Park is the latest former leader of South Korea to run afoul of the law.

Her predecessor, Lee Myung-bak, is also being investigated for corruption.

Chun Doo-hwan, a former military dictator, was found guilty of mutiny, treason and corruption in 1996. He was sentenced to death but released after two years under a presidential pardon.

Chun’s successor, Roh Tae-woo, was also convicted of treason, mutiny and corruption in 1996 and jailed for more than 22 years but served just over two years before being released.

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News Network
February 28,2020

Tehran, Feb 28: The coronavirus epidemic in Iran has cost 26 lives, the health ministry announced Thursday, with a vice president becoming the latest top official to be infected as the spread appeared to accelerate.

Health ministry spokesman Kianoush Jahanpour told a news conference that the tally of infections had risen to 245 with 106 more cases confirmed -- the highest number for a single day since Iran announced its first infections on February 19.

The Islamic republic has the highest death toll from the virus outside China, where COVID-19 first emerged.

Among the latest coronavirus sufferers is one of Iran's seven vice presidents, Massoumeh Ebtekar, who oversees women's affairs.

Ebtekar, a former spokeswoman for students who took 52 Americans hostage at the US embassy in Tehran in 1979, is being treated at home and members of her team have been tested, state news agency IRNA reported.

Mojtaba Zolnour, head of parliament's national security and foreign affairs committee, also contracted the virus, appearing in a video posted by Fars news agency saying he was in self-quarantine.

The cleric is a deputy for the Shiite holy city of Qom in central Iran where the country's first cases were detected.

According to media reports, among the deceased in Qom on Thursday was theologian Hadi Khroroshahi, who in 1981 was named Iran's first ambassador to the Vatican.

The announcement by Zolnour comes two days after another top official, deputy health minister Iraj Harirchi, head of the government's coronavirus task force, said he too had contracted the virus.

On Wednesday, Iranian authorities announced domestic travel restrictions for people with confirmed or suspected infections.

They also placed curbs on access to major Shiite pilgrimage sites, including the Imam Reza shrine in second city Mashhad and the Fatima Masumeh shrine in Qom.

Visitors to the shrines will be allowed to visit on condition they are provided "with hand-washing liquids, proper (health) information, masks", Health Minister Saeed Namaki said.

They must "not gather together in groups but just pray and leave", he said.

In a rare move, authorities announced the cancellation of the main Friday weekly prayers in Tehran, Qom and Mashhad as well as in the capitals of 22 of Iran's 31 provinces and other infected areas.

"All of these decisions are temporary and if the situation changes, we might intensify or ease them," Namaki said.

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News Network
January 10,2020

Washington, Jan 10: It is “highly likely” that Iran shot down the civilian Ukrainian jetliner that crashed near Tehran late Tuesday, killing all 176 people on board, U.S., Canadian and British officials declared Thursday.

They said the fiery missile strike could well have been a mistake amid rocket launches and high tension throughout the region.

The crash came just a few hours after Iran launched a ballistic attack against Iraqi military bases housing U.S. troops in its violent confrontation with Washington over the U.S. drone strike that killed an Iranian Revolutionary Guard general. The airliner could have been mistaken for a threat, said four U.S. officials, speaking on condition of anonymity to discuss sensitive intelligence.

Canadian prime minister Justin Trudeau, whose country lost at least 63 citizens in the downing, said in Toronto: “We have intelligence from multiple sources including our allies and our own intelligence. The evidence indicates that the plane was shot down by an Iranian surface-to-air missile.”

Likewise, U.K. prime Minister Boris Johnson and Australian prime minister Scott Morrison offered similar statements. Morrison also said it appeared to be a mistake. “All of the intelligence as presented to us today does not suggest an intentional act,” he said.

The assessment that 176 people were killed as collateral damage in the Iranian-U.S. conflict cast a new pall over what had at first appeared to be a relatively calm aftermath following the U.S. military operation that killed Iranian Gen. Qassem Soleimani.

At the White House, U.S. president Donald Trump suggested he believed Iran was responsible for the shootdown and dismissed Iran's initial claim that it was a mechanical issue with the plane.

“Somebody could have made a mistake on the other side.” Trump said, noting the plane was flying in a “pretty rough neighborhood."

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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