POSCO, South Korea’s leading steelmaker, said Thursday it has launched an internal committee that will work to help restore its global image tainted by a slush fund scandal that hit its affiliates.
The committee, to be headed by POSCO Chairman Kwon Oh-jun, is comprised of the company’s executive board members as well as the heads of five major affiliate firms, including Daewoo International Corp., POSCO Engineering & Construction Co. and POSCO Energy Co., according to POSCO officials.
POSCO’s move came as POSCO E&C, the steelmaker’s construction unit, has been suspected of creating a slush fund worth 10 billion won (US$9.16 million) at its branch in Vietnam. Several company officials have already been nabbed by prosecutors.
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