Seoul Firm in Receivership: A South Korean...

Seoul Firm in Receivership: A South Korean construction company at the center of a bribery scandal that embarrassed President Roh Tae-Woo’s government has asked to go into court receivership, state radio said. Hanbo Housing Development Co. formally asked Seoul District Court to take over the running of the firm. The request was made after Hanbo’s main creditor, Cho Hung Bank, decided not to extend support loans to the firm. The chairman of the Hanbo Group, which owns the housing company, was arrested last month for allegedly paying $1.3 million in bribes to eight people, including ruling and opposition legislators and an aide of Roh.