Tous Actualités
Suivre
Abonner SK Corporation

SK Corporation

SK Corporation Press Release: Appeals Court Grants Probation

Seoul (ots/PRNewswire)

SK Corporation issued the following
statement on the decision by the Seoul Court of Appeals to grant
probation on Chairman Chey Tae-Won's sentence on his appeal of the
June 2003 lower court decision against him.
Dr. Kyuho Whang, SK Corp. Senior Vice President, the Head of
Corporate Relations, said: "We respect the Court's ruling which
granted him probation." In reaching its decision, the Court said that
it took the following points into consideration.
The court recognized that the events that led to the charges
against Mr Chey occurred in the process of trying to resolve problems
from the past that he inherited when he became chairman.
The court believes that Mr. Chey did nothing motivated by self
interest.
The court sees that Mr. Chey has made great progress in improving
the company's corporate governance.
The court found that the losses that had been incurred have
already been recovered.
The court recognizes the critical role Mr. Chey continues to play
in corporate activities.
"Mr. Chey has continued to vigorously lead the company as it
implements its strategic plan to grow, improve its business
performance, and create value for all shareholders. Mr. Chey received
a vote of confidence at the 2005 Annual General Meeting of SK Corp. A
substantial majority of shareholders voted to accept every
recommendation of the Board of Directors, including the reappointment
of Chairman Chey. We believe this vote also acknowledged the success
and continued potential of Chairman Chey's long-term growth
strategy."
    Results of Chairman Chey's strategy and actions include:
    -- SK Corp achieved an increase in Return on Equity (ROE) from 2.8% in
       1998 when Chairman Chey took office to 24.5% in 2004.
    -- SK Corp's net debt/equity was reduced from 132% in 2001 to 73% in 2004
       and total operating profits for 2004 increased 141% over the
       corresponding period in 2003.
    -- Under Chairman Chey's leadership, SK has adopted corporate governance
       initiatives which are recognized as among the strongest in Korea.
About SK Corporation
SK Corporation is the leading energy company in Korea and is the
world's second largest single oil refinery. Established in 1962, SK
Corporation has established operations in a number of core areas,
including petroleum, petrochemicals, lubricants and exploration &
production. The company, which employs 4,931 staff worldwide, is
headquartered in Seoul with offices around Europe, the US and Asia.
SK Corporation continuously seeks to maximize investment
efficiency and to increase return to its shareholders, investors and
employees to the greatest extent possible. SK Corporation is also
focused on securing its position as the most valuable company in
Korea -- a successful value innovative company, a company its
employees are proud of, and a company respected by the community.
Contact at SK Corporation:
     Katharine Kho
     Assistant VP
     Public Relations Department of SK Corp.
     Tel:    +82-2-2121-5449
     Mobile: +82-11-9122-8343
     Email:   kath@skcorp.com
     Ji-young Lee
     Assistant Manager
     Public Relations Department of SK Corp.
     Tel:    +82-2-2121-5954
     Mobile: +82-10-7149-2032
     Email:   jylee@skcorp.com

Contact:

Katharine Kho, +82-2-2121-5449, or +82-11-9122-8343, or
kath@skcorp.com, or Ji-young Lee, +82-2-2121-5954, or
+82-10-7149-2032, or jylee@skcorp.com