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Telecommunications & Media

South Korea ministry seeks police probe into LG Uplus over suspected server disposal

South Korea’s Ministry of Science and ICT requested a police investigation into LG Uplus after confirming the company discarded a relevant server during a hacking probe. A senior official said LG Uplus submitted only one of two APPM servers to investigators. The APPM servers handled internal authentication. KISA had earlier relayed a tip about a hack involving the system. A US media report in August said a hacker group breached an LG Uplus contractor and accessed internal data. LG Uplus initially reported no intrusion but later faced criticism for updating or discarding servers after being alerted.

Finance

Lee Chanjin, FSS chief, calls for stronger outside director independence and more transparent succession at financial holding firms

Lee Chanjin, head of South Korea’s Financial Supervisory Service, called for sweeping improvements in the role of outside directors and in management succession procedures at financial holding firms. He said CEO succession is crucial for financial system stability and urged clear, transparent and objective criteria. Lee also stressed consumer protection and internal controls, called mis-selling a “survival risk,” and highlighted the need to include IT security and financial consumer expertise on boards.

Finance

KOSPI ends slightly lower ahead of U.S. rate decision in cautious trading

South Korea’s benchmark KOSPI closed slightly lower on Dec. 10 as cautious trading continued a day ahead of the U.S. Federal Reserve’s interest rate decision. The index opened higher and briefly extended gains before giving them up and fluctuating around flat levels for most of the session. The tech-heavy KOSDAQ ended higher after initially dipping into negative territory before turning up.