Category: General

Help companies defend their management rights

The government announced the long-awaited “corporate value-up program” to help ease “Korea Discount” for companies’ stocks. The program was focused on allowing the autonomy of the corporate sector. For instance, listed companies are required to make public their annual plan to raise their corporate value on their own and release their investment indices – such as the price-to-book ratio and the price earning ratio – within a certain period of time. The government also plans to create a “Korea Value-up Index” by listing top-performing companies on the Korea Exchange and induce their investments in the exchange-traded fund.

President Yoon Suk Yeol’s promise last month to help solve the problem of undervalued stocks of companies was a good signal for the stock market after it raised shareholders’ expectations for increased dividends and companies’ hopes for the expansion of buyback and cancellation of their shares. Despite concerns about the “populist move” before
the April 10 parliamentary elections, the president’s announcement fueled hopes for enhancing the level of our stock market.

Despite the announcement of the value-up program on Monday, the Kospi mysteriously fell 0.77 percent. And yet, the program carries significance as a number of local companies funded their investments through the stock market yet failed to raise their corporate value only to serve their major shareholders’ interests.

Raising corporate value and improving the reputation of our stock market cannot be done overnight. As Financial Services Commission chair Lim Joo-hyun said, it is a mid- to long-term goal. In this sense, a relative lack of draconian measures can be appreciated – particularly given the apparent side effects from a strict ban on short-selling only to boost stock prices, for instance.

The conditions for the reinforcement of shareholder-friendliness to prop up corporate value are already set, as the market cap compared to the GDP surpassed 116.2 percent at the end of last yea
r. In line with the emphasis on corporate autonomy, the government must remove various types of constraints on companies so that they can move forward on their own. As companies cannot gladly cancel their stocks to defend their management rights, the government needs to consider the introduction of differential voting rights or a poison pill designed for a company’s defense against a hostile takeover attempt.

The government must prepare protections for local companies against hedge funds and revamp the inheritance tax system to ease their pain, as well as remove stifling regulations.

Source: Yonhap News Agency

Bangkok: Police General Thana confirms the arrest of one of the Taiwanese murder gang in Cambodia. Refusal to answer questions about the Minnie gambling website case It is up to the discretion of the NACC to accept the complaint.

Update on the case of a group of 4 Taiwanese men and 1 Thai woman who committed the murder of a Taiwanese man leaving an abandoned shop in the Suvarnabhumi area. Before fleeing the country, most recently Pol. Gen. Thana Chuwong, Deputy Commissioner of the Royal Thai Police Confirmed that Cambodian authorities have been able to arrest 1 Miss Piyanuch, 23 years old, owner of the red Mazda car that dumped the deceased’s body in Cambodia, pending further investigation. Because it is believed that it is the key to solving the case. Whether it is the cause or the person who helped and caused the whole incident. Initially, it was confirmed that the accused entered Thailand at 2:00 a.m. and then committed the crime. and fled the country at 5:00 a.m., but it is still not possible to clearly
answer whether he came specifically to cause a crime or not. Ms. Piyanuch must be questioned first, but it is believed that the motive must be related to some form of illegal activity. When the interrogation was completed It will be sent back to the Thai authorities to process.

The remaining four suspects are still being sought and arrested. Three of them are believed to be still in hiding in neighboring countries, while another has traveled to Taiwan. The police are in the process of coordinating with Taiwanese authorities to trace and prosecute.

As for the person who provided assistance, there was another person who drove the van for hire to take the accused group to the border. He was able to control himself as well. He is currently being questioned about his involvement. But initially he claimed he was only picking up and delivering at the border.

The reporter also tried to question Police General Thana as the chief investigator to solve the Minnie online gambling website case. As to what progress has
been made, Pol. Gen. Thana declined to answer questions. This is because the Commissioner of the Royal Thai Police has issued an order emphasizing the release of news. It is at the discretion of the National Police Commissioner. You must be self-disciplined and follow through. As for the Office of the National Anti-Corruption Commission (NACC), which will consider whether to accept the Minnie gambling website case today or not. I myself would not have listened. Because I believe that now The NACC will probably have a press conference. And it is the right of the NACC to consider it. The police are just the unit that sends the report. Must wait for coordination to return

Source: Thai News Agency

Bangkok: Khon Kaen University welcomes Dr. Dawn Fairley Rooney, a world-renowned writer. and is an expert in the history of Asian art and culture. He has written books about the art and culture of Southeast Asia, especially Thailand and Cambodia. Came to give books to Khon Kaen University for students and the general public to study.

Assoc. Prof. Dr. Chanchai Panthongwiriyakul, President of Khon Kaen University, said that the university library A dedicated bookshelf of Dr. Dawn Fairley Rooney has been arranged for students and those interested in the history of the Southeast region, especially Thailand and Cambodia, to research knowledge in the history of art and culture. The giving of books today also creates a network of cooperation with academics. And on behalf of Khon Kaen University, we would like to thank you for giving more than 1,200 books that are a family collection and written by yourself, which is a university. The only one in Thailand that gets this opportunity

In addition to the book delivery
ceremony, The Faculty of Humanities and Social Sciences also organized a seminar on ‘Arts and Culture in Southeast Asia and Dawn Rooney’s Collection’ to talk about research experiences. Data collection Writing a book about Southeast Asia and applying information from Dr. Dawn Fairley Rooney’s book

Source: Thai News Agency

The lucky winner of the first prize, draw on 16 Feb. 2024, donated 2,400,000 baht to Wat Tonot, Bang Kruai District, Nonthaburi Province. It is believed that Luang Pho Samet gave luck.

The lottery draw for February 16, 2024, the 1st prize was 941395. There was 1 lucky person who won the 1st prize and gave money to the temple in the amount of 2,400,000 baht, stating that he came to ask for luck from Luang Por Samet. Win the 1st prize

Phrakru Phiphitthammathet (Surachet Surachettho, Dr.), the abbot of Wat Tanod, Bang Kruai District, Nonthaburi Province, said that the miracle of Luang Por Samet. There was a lucky person who won the government lottery, first prize. After receiving 6 million baht, they were informed that the lucky winner had entered the temple. Then pray for the blessing of the Father to be successful. which is the principal Buddha Win the first prize in this draw so that the money can be used to support the temple. After leaving the temple Buy lottery tickets from the vendors who sell them ins
ide the temple. and bought lottery ticket number 941395 to keep, it appeared that he won the first prize, Luang Por Samet gave luck. The lucky ones already have faith in Luang Phor Suek. Therefore, a total of 2,400,000 baht was given, including 2 million baht for the Kathin Samakkhi ceremony, 200,000 baht for the temple to paint the meditation pavilion, and another 200,000 baht to pour the temple floor and grounds. The remaining money was given to continue making merit for the public benefit

Source: Thai News Agency

Some lawmakers of the main opposition Democratic Party (DP) on Tuesday voiced strong discontent over what they say are unfair nominations of candidates for the April 10 parliamentary elections based on party leader Lee Jae-myung’s preferences.

The outcry from the DP faction considered less close to Lee came during a general meeting of DP lawmakers, as the internal rift is deepening within the party over accusations of what some call a “massacre” of lawmakers not aligned with the party leader in the nominations for the upcoming general elections.

They have argued that several non-Lee faction lawmakers were categorized among the lower 10 percent or 20 percent in terms of legislative activity, resulting in demerit points when competing with other contenders in party primaries. They have said such tilted rules are designed to exclude them from the candidate nominations.

According to people who attended the general meeting, Rep. Hong Young-pyo, considered a key non-Lee faction lawmaker, accused Lee of “getting
blood on his hands by only peeling off the skin of others while not peeling off any of his at all,” referring to Lee’s past remarks in which he likened the reform of nominations to pains of removing one’s skin.

Revealing that he was included in the lowest 20 percent category, Hong criticized the party’s nomination committee for denying the nomination of Im Jong-seok, a former presidential chief of staff under the previous Moon Jae-in administration, in his stronghold constituency of Seoul’s Jung-Seongdong district for the April votes.

The committee, instead, has nominated Jeon Hyun-heui, a former chairperson of the Anti-Corruption and Civil Rights Commission, for the district.

Some other non-Lee faction members at Tuesday’s meeting raised the suspicion about the belated inclusion of a local pollster, apparently with ties to Lee, to conduct surveys for the party primaries.

The general meeting lasted for two hours and 40 minutes, according to the party officials.

Lee, who was present throughout the meeting
, apparently made no remarks.

Lee told reporters after the meeting that he will “take into account the various opinions of our fellow lawmakers.”

The committee earlier announced that it has not yet decided which constituency to nominate Im for, despite earlier rumored plans for Seoul’s Songpa Ward, a traditional conservative stronghold where his chances of winning are slim.

The decision came after Im Hyug-baeg, the committee’s chief, has argued that party members who had served under the Moon government should take some responsibility for the launch of the Yoon Suk Yeol administration.

Im Jong-seok, who had previously served two terms as a lawmaker representing the district, applied for nomination in the district, and the party’s rejection of the request could fan allegations that the party is sidelining those outside the pro-Lee faction.

Rep. Kim Young-joo, a four-term lawmaker and deputy National Assembly speaker widely perceived to be outside the pro-Lee faction, announced earlier that she was placed
in the lower 20 percent category and declared her intention to leave the party.

Other DP lawmakers, who were denied nominations or included in the list of underperformers, have also intensified criticism of the party leadership, with Rep. Noh Woong-rae launching a hunger strike and Rep. Lee Su-jin announcing her departure from the party.

On Monday, Rep. Ko Min-jung, who is also considered outside the pro-Lee faction, also resigned as a member of the party’s Supreme Council in protest of the way the party nominates candidates. She previously served as Moon’s spokesperson.

Rep. Sul Hoon, also considered a non-mainstream member, hinted that he too could leave the party.

On Tuesday, Rep. Park Young-soon, who is also considered outside of the pro-Lee faction, announced his departure from the DP after he was placed in the bottom 10 percent. Park said he will join the new party led by Lee Nak-yon, a former prime minister, and continue his bid for reelection there.

Both DP Chairman Lee and the party’s nomination
committee chief, Im Hyug-baeg, have rejected the accusations, arguing that the party is selecting candidates in a fair and reasonable manner.

However, the party’s nomination results reveal that a majority of 51 people who secured party nominations without undergoing primaries are considered close to Lee.

Im Hyug-baeg has hinted that the party could nominate Im Jong-seok for Seoul’s Songpa Ward, a traditional conservative stronghold where his chances of winning are slim. The outcome could potentially deepen the rift between those aligned with Moon and those in the pro-Lee faction.

Source: Yonhap News Agency

South Korean stocks ended more than 0.8 percent lower Tuesday as investors were in cautious mode ahead of the release of major U.S. economic data later this week. The local currency gained ground against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 22.03 points, or 0.83 percent, to 2,625.05.

Trade volume was slightly heavy at 567.4 million shares worth 12.4 trillion won (US$9.3 billion), with decliners sharply beating gainers 745 to 149.

Institutions led the decline by unloading local shares worth 50.6 billion won, while individual and foreign investors purchased stocks worth 34.8 billion won and 167.1 billion won, respectively.

Overnight, the U.S. stock market closed lower on profit taking following a rally last week.

Investors were also paying close attention to the release of the core personal consumption expenditures price index Thursday, an indicator closely monitored by the Federal Reserve.

“Upward momentum deriving from the government’s value-up program ende
d yesterday and investors have become more cautious ahead of planned remarks by Fed officials later this week, including those in Atlanta, Boston, New York, Chicago and Cleveland,” Lee Kyoung-min, an analyst at Daishin Securities, said.

The “value-up” program refers to the South Korean government’s plan to boost the corporate value of South Korean companies by providing bold incentives, including various tax incentives.

In Seoul, most big-cap stocks ended in negative terrain.

Market heavyweight Samsung Electronics gained 0.14 percent to 72,900 won, while No. 2 chipmaker SK hynix slid 4.94 percent to 153,800 won.

Leading battery maker LG Energy Solution lost 1.47 percent to 403,500 won, its smaller rival Samsung SDI retreated 2.56 percent to 381,000 won, and POSCO Future M fell 2.67 percent to 309,500 won.

Hyundai Motor, the country’s largest carmaker, also edged down 0.21 percent to 238,500 won, and its smaller affiliate Kia decreased 1.75 percent to 112,600 won. Hyundai Mobis, Hyundai Motor’s auto parts
making affiliate, plunged 3.11 percent to 233,500 won.

Hybe, the K-pop powerhouse behind BTS, also shot down 7.13 percent to 202,000 won despite robust 2023 sales.

Among the few gainers, major bio company Celltrion jumped 4.74 percent to 190,100 won, and aircraft engine maker Hanwha Aerospace soared 7.76 percent to 179,100 won on stronger-than-expected fourth-quarter earnings.

The local currency ended at 1,331.00 won against the greenback, inching up 0.1 won from the previous session’s close.

Source: Yonhap News Agency

The main opposition Democratic Party (DP) on Tuesday denied a former presidential chief of staff under the previous Moon Jae-in administration the party’s nomination in his stronghold constituency for the April 10 parliamentary elections.

The decision is expected to exacerbate an internal rift within the party over accusations of what some call a “massacre” of lawmakers not aligned with party leader Lee Jae-myung, considered non-mainstream members.

The party’s nomination committee said it has nominated Jeon Hyun-heui, a former chairperson of the Anti-Corruption and Civil Rights Commission, as the party’s candidate for Seoul’s Jung-Seongdong district instead of the former presidential chief, Im Jong-seok.

Im, who had previously served two terms as a lawmaker representing the district, applied for nomination in the district, and the party’s rejection of the request could fan allegations that the party is sidelining those outside the pro-Lee faction.

The committee also announced that it has not yet decided
which constituency to nominate Im for, despite earlier rumored plans for Seoul’s Songpa Ward, a traditional conservative stronghold where his chances of winning are slim.

The decision came after Im Hyug-baeg, the committee’s chief, has argued that party members who had served under the Moon government should take some responsibility for the launch of the Yoon Suk Yeol administration.

The party is scheduled to convene a general meeting of its lawmakers later in the day to discuss the electoral map, while a string of lawmakers are expected to express deep discontent over what they perceive as a tilted nomination rule designed to exclude them.

They argue that several non-Lee faction lawmakers were categorized among the lower 10 percent or 20 percent in terms of legislative activity, resulting in demerit points when competing with other contenders in party primaries.

Rep. Kim Young-joo, a four-term lawmaker and deputy National Assembly speaker widely perceived to be outside the pro-Lee faction, announced earl
ier that she was placed in the lower 20 percent category and declared her intention to leave the party.

Other DP lawmakers, who were denied nominations or included in the list of underperformers, have also intensified criticism of the party leadership, with Rep. Noh Woong-rae launching a hunger strike and Rep. Lee Su-jin announcing her departure from the party.

On Monday, Rep. Ko Min-jung, who is also considered outside the pro-Lee faction, also resigned as a member of the party’s Supreme Council in protest of the way the party nominates candidates. She previously served as Moon’s spokesperson.

Rep. Sul Hoon, also considered a non-mainstream member, hinted that he too could leave the party.

Both DP Chairman Lee and the party’s nomination committee chief, Im Hyug-baeg, have rejected such accusations, arguing that the party is selecting candidates in a fair and reasonable manner.

However, the party’s nomination results reveal that a majority of 51 people who secured party nominations without undergoing pri
maries are considered close to Lee.

The party is also set to announce whether to nominate Im Jong-seok, a former presidential chief of staff under the previous Moon Jae-in administration, who has applied for candidacy in Seoul’s Jung-Seongdong district.

Im Hyug-baeg, however, has hinted that the party could nominate Im, a former two-term lawmaker, for Seoul’s Songpa Ward, a traditional conservative stronghold where his chances of winning are slim. The outcome could potentially deepen the rift between those aligned with Moon and those in the pro-Lee faction.

Source: Yonhap News Agency

Korea must act as US, Japan go all out to bolster chip industries

The United States and Japan are swiftly enhancing their semiconductor industries, prompting heightened vigilance among domestic stakeholders. For starters, Intel of the U.S. unveiled an ambitious plan Thursday to embark on the mass production of 1.8 nanometer chips from late this year to become the world’s second-largest foundry maker, outpacing Samsung Electronics.

U.S. Secretary of Commerce Gina Raimondo cited the need to legislate a second CHIPS Act if the U.S. wants to “lead the world” in the chip field. “Intel is an American champion and has a very huge role to play in this revitalization,” she said during an Intel foundry event. The Commerce Department has yet to disclose details of the $52 billion funding package. But industry sources say Intel will likely get a considerable portion, even up to $10 billion. This means the Joe Biden administration is poised to provide significant support for Intel to bolster the semiconductor industry
for the sake of “economic security” amid rapid transition toward AI that requires an explosive increase in chip supply.

Japan, for its part, has also been gearing up to boost its own semiconductor industry in a bid to revive its past glory as the world’s largest chip producing hub. The Japanese government has invested 10.7 trillion won ($8.03 billion) to build two semiconductor plants, one in Kumamoto and the other in Kyushu. This move aims to attract investments from TSMC of Taiwan. In order to provide the necessary land, Japan lifted its 50-year-old greenbelt ban. The factory in Kumamoto commenced operations on Saturday, approximately 22 months after the 24-hour construction project began.

Fueled by the global AI surge and the strong performance of semiconductor giant Nvidia, the U.S. stock market soared to its highest level, reaching a staggering 39,000 points, closely followed by Japan, whose stock market surged to a 34-year record.

In stark contrast, Korea has faced considerable challenges. Various re
gulations have hindered efforts by businesses to expand investments. SK hynix, for instance, has encountered setbacks in its endeavor to establish a chip cluster in Yongin, Gyeonggi Province. Although the location was initially chosen in 2019, progress has been slow in terms of land compensation and the provision of essential utilities like tap water and electricity. After a prolonged delay, production under the plan is now slated to commence in 2027.

In this context, the main opposition Democratic Party of Korea (DPK) cannot avoid criticism for having opposed plans to provide major firms with tax incentives. The enterprises could not have benefited from any government incentives as seen in the U.S.

The anticipated plan by the U.S. administration to allocate a substantial portion of incentives to Intel is poised to have a significant impact, potentially leaving domestic companies like Samsung and SK hynix reeling. This is particularly concerning as both Samsung and SK hynix have plans to invest in the U.S.
Intel CEO Patrick P. Gelsinger even called for measures to enable the U.S. and European companies to produce 50 percent of the semiconductors within the next 10 years. Currently, Asian countries account for 80 percent of global chip production. Microsoft has recently disclosed that it entered into a contract with Intel for the supply of 1.8nm chips. The U.S. administration has been providing enormous assistance to U.S. chipmakers. It decided to offer a $1.5 billion subsidy to GlobalFoundries.

Given this, Samsung Electronics has decided to enhance its competitive edge in manufacturing 3nm chips through a collaboration with Arm, a powerhouse U.K. intellectual property firm. The semiconductor war has already evolved into an unyielding international competition that transcends mere rivalry among individual enterprises. The global chip market is undergoing a profound transformation with the rise of AI, highlighting the need for dominant technology players to lead the sector. Bold government support has become ess
ential in achieving this, coupled with businesses making audacious investments.

The Yoon Suk Yeol administration and domestic chip companies, alike, should feel a sense of urgency with the opening of TSMC’s Kumamoto factory. If Korea hesitates, it may lag far behind the U.S. and Japan, as they are now making all out efforts to sharpen the competitiveness of their semiconductor industries with their governments initiating the moves. Meanwhile, the Korean government remains inactive.

Source: Yonhap News Agency

Bangkok: Prosecutors accepted criminal charges against Pol. Gen. Somyot Phumphanmuang and 8 people as officials who performed their duties illegally and supported and helped change the car speed limit in the “Boss Yoovidhya” case.

Mr. Prayut Phetkhun, spokesman for the Attorney General’s Office Announcing the progress of the case in which the NACC found fault with the group of suspects in the case of changing the speed of the car of Mr. Worayut Yoovidhya, or Boss, for driving a car that hit Police Sergeant Wichian Klanprasert, police chief of the Thong Lor Police Station. Life in 2012 until the order not to file a lawsuit was reversed.

In this case, the committee The NACC has sent a letter to the Attorney General requesting criminal proceedings against Pol. Gen. Somyot Phumphanmuang and 8 people. The Attorney General has considered the said case. And there was an order accepting criminal proceedings against all 8 accused, with the prosecutor of the Anti-Corruption Case Office being the one to file the compl
aint and prosecute. which includes Police General Somyot Phumphanmuang When he was the Commissioner for Law, Justice and Police Affairs National Legislative Assembly / Police Major General Thawatchai Mekprasertsuk When he was the commander of the evidence division For the offense of being an officer who neglects to perform his duties, Section 157 and 3 other charges, Police Colonel Wirakon Tubtimdee, when he was an investigative officer at Thonglor Police Station, for the offense of Section 157 and 2 other charges, Mr. Naet Naksuk, when he was Deputy Attorney General, for the offense of Section 157 and one other charge, Mr. Chainarong Saengthongaram, Mr. Thanit Buakhiao, Mr. Chuchai or Pichai Lertphong Adisorn, Assoc. Prof. Dr. Saiprasit Kerdniyom, for being Supporting officials to act or refrain from performing their duties illegally, for offenses Sections 86, 157 and 200.

As for the other accused, such as Police Lieutenant General Manu Mekmok and Police Colonel Wiwat Sittisoradej, the NACC has resolved to
set them aside as witnesses. Police Lieutenant General Permpoon Chidchob, the NACC has Resolution to send the matter to the supervisor for action according to the Organic Act on Prevention and Suppression of Corruption B.E. 2018, Section 64

Source: Thai News Agency

Bangkok: NACC Samut Prakan Visited the area to inspect the installation of Kinnaree light poles in the Buddhist temple area. After Wat King Kaew sent a letter to the Racha Thewa Subdistrict Administrative Organization not allowing Kinnaree light poles to be installed. To express the intention that the temple has no involvement with the Kinnaree electricity pole that was damaged. NACC had previously investigated

Today (27 Feb.) Mr. Sukrit Thiangkaew, Director of the National Anti-Corruption Commission, Samut Prakan Province. lead officials NCC Samut Prakan Along with officials from the NACC Region 1, they went to inspect the area in Soi King Kaew 50 or Soi Kamnan 2, Racha Thewa Subdistrict, Bang Phli District, Samut Prakan Province, which is 1 of the 6 monastic geologic areas. At Wat Kingkaew, he is in charge.

inspection of NACC Samut Prakan this time occurred after the Wat King Kaew office wrote a letter to the president of the Racha Thewa Subdistrict Administrative Organization. Indicates that in the past,
Racha Thewa Subdistrict Administrative Organization has brought Kinnaree light poles to be installed in the monk’s land area. which are under the care of 6 temple areas without having to ask for permission to proceed first The King Kaew Temple Committee had a discussion and resolved not to allow the Racha Thewa Subdistrict Administrative Organization to install a Kinnaree light pole in the area where King Kaew Temple is located. Including the monastic land area under the care of the temple, he therefore asked the Subdistrict Administrative Organization to take corrective action.

Mr. Sukrit revealed this after going to the area to inspect the location where the Kinnaree light poles of the Racha Thewa Subdistrict Administrative Organization were installed. In the monastic area It was found to be a community characteristic. There are many villagers living there. which is the duty of Subdistrict Administrative Organization (SAO) is an administrative department that must provide public services. So the issue is t
hat Has the Subdistrict Administrative Organization coordinated with the temple as the owner of the area or not? This caused the temple to be concerned after NACC Region 1 inquired about the installation of Kinnaree light poles. that became an issue and is currently being investigated. Will it be a criminal offense or not? There is still no clarity.

Latest NACC Samut Prakan Province In the process of writing a letter to inform NACC Region 1 that the monastic land area that is currently in question is one of 8 cases that NACC Region 1 has previously investigated.

Source: Thai News Agency

U-23 Korean national team manager Hwang Sun-hong was chosen Tuesday to concurrently helm the senior national team as its interim manager.

The Korea Football Association (KFA) made the announcement following a meeting of its National Team Committee, which is responsible for appointing coaches for national teams across different age brackets.

“Hwang is a coach affiliated with the KFA and has recently demonstrated his achievements with his team’s victory at the Hangzhou Asian Games,” Chung Hae-sung, the new chief of the committee, said during a press briefing to announce the decision. “He also has experience in international competitions and an understanding of Asian football.”

With the appointment, Hwang will have to juggle between the two jobs for the time being.

He will lead the senior team during the two 2026 FIFA World Cup qualifiers against Thailand next month as the caretaker coach. South Korea will then play two remaining qualifiers in June.

As the U-23 national team boss, Hwang will also have to l
ead the team in the 2024 Asian Football Confederation (AFC) U-23 Asian Cup, which will be held in Qatar in April and also serves as the Asian regional final qualifiers for the 2024 Paris Olympic Games.

The position of the Korean men’s national team manager has been vacant since the KFA sacked Jurgen Klinsmann on Feb. 16, holding him accountable for South Korea’s disappointing semifinal exit from the AFC Asian Cup.

The committee initially planned to appoint a permanent manager ahead of next month’s World Cup qualifiers. Reversing the plan, however, the committee decided last week to first appoint a caretaker boss and then to take its time finding a full-time head coach.

The reversal came after strong criticism from Korean football fans regarding the rumored plan by the KFA to poach a coach under contract with a club in the domestic K League 1 for the national team.

Fans of teams whose coaches were in the rumor mill for the national team job condemned the KFA’s lack of respect for the league. Among the coac
hes being bandied about were Hong Myung-bo of Ulsan HD FC and Kim Hak-bum of Jeju United.

There also were media reports that former Vietnam national team coach Park Hang-seo was a strong candidate for the caretaker coach position, but Chung said during the press briefing that “Hwang was the first choice.”

“After the second meeting, we communicated with the KFA and offered the position to Hwang on Sunday afternoon. Hwang then asked for time to think about it, and finally we received an answer from him yesterday that he would accept the position,” he explained, detailing the process of his appointment.

Hwang vowed his best efforts to navigate the challenging circumstances.

“I agonized greatly upon receiving the offer for cooperation from the National Team Committee, but I made the decision with the intention to be of some help in this difficult situation,” he said through the association. “I will do my best to return Korean football to where it was,” he added.

Source: Yonhap News Agency