Business & Financial News

The South-Korean court on Monday has sentenced the chief of company Hyundai Motor Co. Chung Mong-koo guilty of no-purpose use of the capital and waste of more than 100 million dollars; he has also been sentenced to three years of imprisonment.

The 68-year-old head of the largest in Korea and the sixth in the world automobile corporation has organized an illegal fund, in which the money was transferred from company’s resources. Now it became known that the money was subsequently spent for bribes to officials who should lobby interests of the company.

In the Court Chung Mong-koo has apologized for the damage that he has brought to the company by his illegal actions.

Lawyers of the protective party have declared about the intention to submit the appeal on a judgment, and also have asked about conditional punishment to their client. The Public Prosecutor asked to sentence Chung Mong-koo to six years of prison.

The Chapter has actually recognized his infringements made to Hyundai Motor Co. after the first interrogations and together with son has offered 1, 1 billion dollars on charity, having named it as his apology before the Korean society.

Chung Mong-koo has been arrested in April, 2006 and he has been let out on the security in 1 million dollars. He has occupied a post of chairman of board Hyundai Motor Co. since 2000. In 2000 in the BusinessWeek report Chung Mong-koo has been named as one of the best top-managers in the world.

The USA has submitted to Friday in the World trading organization (WTO) the new claim against China. They accuse Peking of reception of unfair competitive advantages in trade due to a tax policy and support by the government of the Chinese companies and firms.

Explaining this step, the representative of the USA at trading negotiations in a rank of member of the cabinet Susan Schwab has declared that Washington will resolutely achieve the «alignment of a platform» so that the American corporations competed with Chinese on equal.

According to experts, the submission of claim in Geneva entails opening trading consultations between the participants of dispute. If they do not bring desirable result, it will be necessary to define right and guilty to corresponding body of WTO. If it recognizes claims of the USA fair, and Peking will not refuse subsidizing the companies, Washington will acquire the right to enter compensatory economic sanctions against China.

China possesses enormous proficiency in bilateral trade from the USA. The American authorities and business consider this skew as a consequence of unreasonable course and a tax policy of Peking and demand its updating.

The Chinese party regrets, that the USA has submitted to the World trading organization the claim against China. It was declared today by the official representative of the Ministry of commerce of China.

Also the representative of the Ministry of commerce of China has declared that China and the USA support constant bilateral consultations concerning our measures of subsidizing of the export goods. And despite of this the USA submit claim to the WTO. China expresses regret, and now studies the submitted claim.

The sea platform can become a zone without the copyright
Owners of The Pirate Bay piracy network, providing its users with a free-of-charge piracy musical files, are going to buy the island located approximately in 8 kilometers from the Great Britain. Thus they wish to avoid the responsibility for the infringement of copyrights.
The island is a sea platform which was left by the British militaries in 1966. However in same year the major of British army Paddy Roy Bates has proclaimed a platform as the independent state with a hereditary monarchy under name Sealand. The major has declared himself as Prince Roy.
For many years Roy has been making money on tourists by selling passports, money, stamps and other attributes of the independent state. Everyone could become a lord or baron for 30 pounds sterling. In 90s the powerful Internet-servers have established on the platform; this business has brought quite good incomes to the Prince and his family. Then, the authority of the “country” has subsequently passed to the major’s son Michael who, after a fire on island in June, 2006, has counted, that the expenses for its repair would not be paid back, and has exposed the platform on sale.
The “authorities” of the Sealand and the Swedish pirates are worth of each other - both parties had problems with the law. The first managed to get away from the punishment. In 1968 British fleet has tried to throw the major out of the island; however, the Court has decided that the platform is out of Great Britain’s territorial waters and it is not under jurisdiction of this country. The second (Swedish pirates) are constantly attacked by the law enforcement bodies. The authorities of the USA and Sweden are actively trying to close their site.
In pirates’ opinion, the purchase of the platform will give them freedom and independence. There they want to establish the state where the basic international laws including the law on the copyright will not operate. However, it is likely that the purchase won’t take place: a Spanish real-estate Company, engaged into the trade of islands, has offered to Prince Michael almost $1 billion for the island while the owners of the piracy site managed to collect only $14 thousand.