South Korea panel calls oil refiner chiefs, Elliott chairman as audit witnesses

  • National Policy Committee lawmakers approved four oil refiner CEOs, Paul Singer and corporate executives as audit witnesses.
  • The committee will question refiner chiefs about fuel dispensers and Singer about Elliott’s Samsung merger arbitration.
  • Democratic Party opposition blocked all People Power Party-requested ETF-related witnesses, including Kim Yong-beom.

South Korea’s National Assembly National Policy Committee approved major oil refiner chiefs, Elliott Management Chairman Paul Singer and corporate executives as witnesses for its parliamentary audit. The committee will question the refiner CEOs about whether fuel dispensers allow customers to choose between fixed volumes and fixed amounts, while Singer faces questions after Elliott won a remanded investor-state arbitration against the South Korean government over the 2015 Samsung C&T-Cheil Industries merger. Other witnesses include Homeplus CEO Cho Ju-yeon, Toss Place CEO Choi Jae-ho and Lee Sang-cheol, head of NAVER’s Place business division. The committee will examine Homeplus’s corporate rehabilitation and allegations that NAVER withheld order and payment information from Toss POS while providing it to other point-of-sale operators. Witnesses sought by the People Power Party in connection with single-stock leveraged ETFs, including former Presidential Office policy chief Kim Yong-beom, were rejected after opposition from the Democratic Party of Korea. The People Power Party said none of its 39 requested general witnesses was approved and criticized the decision.

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