South Korea

Korea Herald | English | News | June 24, 2025 | Political Scandal or Corruption

The special counsel team, led by Cho Eun-suk, investigating former President Yoon Suk Yeol's alleged insurrection has accelerated its probe ahead of schedule, outpacing two other independent counsel teams. The criminal case against Yoon was transferred to this special counsel on June 19, with assistant prosecutors Park Eok-su and Kim Hyung-soo attending upcoming hearings, including reviewing the legality of former Defense Minister Kim Yong-hyun's detention.

Kim Yong-hyun, detained since December 2024, faces additional charges of obstructing public duties and suborning evidence destruction. The special counsel requested a new arrest warrant ahead of his scheduled release on June 26, but the Seoul High Court recently dismissed Kim’s request to suspend his indictment. Cho’s team began investigations just six days after appointment on June 18, quickly assembling a team and office during a 20-day preparation period.

This special counsel probe is the first among three looking into allegations involving Yoon and his administration, including one on former first lady Kim Keon Hee and another on Yoon’s alleged interference in a Marine's death investigation. As of June 22, the other two teams remain in late stages of case transfers and team formation.

The special counsel is also considering seeking another arrest warrant for Yoon, who was released after 52 days in detention earlier this year. Due to Yoon’s repeated refusal to respond to police summons regarding attempted martial law allegations, an arrest warrant is being contemplated. The decision, involving Cho and the National Police Agency, is expected by the end of the week. The investigative team comprises about 200 personnel and aims to conclude its 170-day investigation by year-end.

정부 첫 장관급 방미…7월 관세협상 데드라인보단 '국익·호혜' 재접근

Money Today | Local Language | News | June 24, 2025 | Shifting Geopolitical Alliances

Ye Han-gu, head of the Trade Negotiations Office at South Korea’s Ministry of Trade, Industry and Energy, is leading a ministerial-level delegation to the United States beginning June 22, 2025. This visit marks the first high-level trade contact between the Lee Jae-myung administration and the U.S., aimed at initiating official tariff negotiations with Ambassador Jaymeison Greer of the U.S. Trade Representative (USTR) and other U.S. officials. The focus is on establishing practical, mutually beneficial solutions centered on national interest rather than adhering to the previously set July 8 "July Package" tariff negotiation deadline.

The delegation plans to hold detailed discussions to clarify South Korea’s stance on U.S. tariff measures and explore alternatives. Ye emphasized the unpredictable political and economic climate in the U.S. as a reason to move away from the July deadline and highlighted the importance of accelerating negotiations to build goodwill. The negotiation team has been expanded to include senior officials such as Park Jung-sung, head of the Trade and Investment Office, to engage in more in-depth consultations. Key topics for negotiation include the removal of age restrictions on beef imports and permissions concerning precision map exports.

In addition to formal talks, South Korea aims to secure support from influential U.S. government figures, White House personnel, and members of Congress to strengthen its negotiating position. The delegation’s activities include the third Korea-U.S. technical consultations with the USTR from June 24 to 26. The South Korean government is leveraging its recent electoral mandate to create momentum for successful outcomes in these complex trade discussions.

현대차-SK온 美 합작 답보에 협력사 “재개 아니면 정산이라도…”

ET News | Local Language | News | June 24, 2025 | Supply Chain Issues

The joint investment between Hyundai Motor Group and SK On in a US battery factory has been stalled for over a year, causing significant financial distress for equipment partner companies. These partners, who manufactured equipment based on orders intended for eight production lines, have only received 30% of the total payments, resulting in tens to hundreds of billions of won in unpaid balances. Due to a decline in market demand, Hyundai and SK On decided to initially build only four of the planned eight production lines, postponing the rest and delaying payments.

The equipment companies had already purchased raw materials and begun manufacturing, but the sudden reduction in orders without clear plans for future investment has created severe operational and financial challenges. Smaller second- and third-tier suppliers, in particular, are facing heightened difficulties due to their limited size and resources. Hyundai Motor and SK On are reportedly aware of the situation and have engaged in ongoing discussions, aiming to present a handling plan by the end of June 2025.

However, uncertainties persist amid the ongoing electric vehicle market downturn and unclear US policy impacts, including tariffs and the Inflation Reduction Act. Industry officials are urging Hyundai Motor and SK On to take responsibility and at least settle outstanding payments to prevent exacerbating difficulties for equipment companies and avoid a potential chain crisis within the supply network.