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Pardoned Parks set for Doosan return

Feb 24,2007
It’s been a good month for Park Yong-sung and Park Yong-maan.
The brothers, both former chairmen of the Doosan Group, each got a presidential pardon Feb. 9 that erased their convictions on corruption and fraud charges.
Yesterday, the company designated both brothers to be on the board of directors of different groups.
The Doosan Group appointed Park Yong-sung to be on the board of directors of Doosan Heavy Industries and Construction, the shipbuilding arm. The shareholders will vote on the appointment next month. The board will then choose a new chairman. Mr. Park, a major shareholder in the company, will be a likely candidate.
The group also announced yesterday that Park Yong-maan, vice chairman of Doosan Infracore, would be recommended as a member of the board of directors of both Doosan Heavy and Doosan Corp.
Park Yong-sung resigned last year after he and his brother, Park Yong-maan, were charged with colluding with a third brother, Park Yong-oh, to build up slush funds from the Doosan Industrial Development Co. to pay interest on the company’s bank debts.
All three brothers are former Doosan chief executives. Park Yong-oh got a three-year suspended jail term for embezzlement. The other two brothers were pardoned this month.
The Doosan Group said yesterday that the appointment of the former chairmen is in line with the group’s global management and conversion to a holding company structure, not a return to owner-led management.
When Park Yong-sung resigned, he vowed to continue to carry out the full responsibilities of a major shareholder. The group pointed out that Doosan’s board is being reshuffled, so more than half its members are unaffiliated with the company and the management of the subsidiaries will be in the hands of professionals.


By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]



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