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Zeb con for samsung
Samsung's official history
Samsung's official history begins in 1969, just two years before Steve Jobs and Steve Wozniak first met, and seven years before the pair went on to start Apple Computer Company in Jobs' parents' home on Crist Drive in Los Altos, California.
But Samsung's official history isn't Samsung's actual history. Samsung began as a business a full three decades before the giant multinational manufacturing conglomerate admits in its official history.
Also: The best Samsung deals: Frame TVs, Jet robot vacuums, Galaxy Watches, and more
Today, Samsung is best known to most people as a maker of smartphones and digital electronics, but the company has huge businesses in shipbuilding, construction, and insurance — it even owns a theme park.
But back in 1938, Samsung was a shop in Daegu, a small city in South Korea.
In 1938, Lee Byung-chul (better known at Samsung as B.C. Lee) was 28 years old and had three kids. He was relatively well educated, having studied economics for a few years in Tokyo at Waseda University. Back then, Japan essentially occupied Korea.
According to Samsung Rising, an exceptionally researched book on the company by Geoffrey Cain, Koreans like Lee were forced to worship at Japanese shrines and speak Japanese.
Before I continue with our story, I want to stop for a minute to discuss Geoffrey Cain's book. Most of the more visceral details of Samsung's original founding described in this article are sourced from this book.
Cain interviewed more than 400 people, including employees, executives, politicians, business people, board members, journalists, activists, and analysts, as well as a member of Samsung's founding Lee family. He traveled to Korea and conducted interviews in English, Japanese, and Korean. Any fact I cite here that is not explicitly sourced came from this book.
And with that, let's start our story with vegetables and dried fish.
Samsung in the 1930s
After leaving university due to illness, Lee returned to Korea. He tried trading rice, but that failed. Despite having a family, Lee spent two years traveling in China and Korea. Somewhere along the way, he noticed that fresh produce wasn't making its way to consumers.
That's when he decided to start Samsung. To sell vegetables. The company was originally named Samsung Sanghoe, which means "three stars shop." Samsung means three stars, so there you go.
Also: Samsung's biggest ever outdoor TV sports an enormous price to match
In Samsung's original little shop of hobak, the seed was planted for B.C. Lee's entrepreneurial drive to take Samsung from supplying a key ingredient in hobakjuk (a very nice Korean pumpkin porridge) all the way to supplying smartphones and key ingredients in many of the consumer electronic devices produced by its competitors.
Oddly enough, the Wikipedia entry for Lee Byung-chul says he started a trucking company in 1938. That assertion incorrectly cites a 2011 article in the Wall Street Journal, which was written about a hologram display honoring the founding of the CJ Group. Before it was known as CJ Group, that company was known as Cheil Sugar, a sugar refining company also started by B.C. Lee.
We'll get to that in a bit. First, we need to talk about beer, World War II, and the end of the Japanese occupation.
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EFCC warns casino operators, real estate agents against money laundering
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The Economic and financial Crimes Commission (EFCC) has warned designated non-financial businesses and professions (DNFBPs) money laundering.
Businesses referred to as DNFBPs include casinos, real estate agents, dealers in precious metals, dealers in precious stones, lawyers, notaries and other independent legal professionals.
Speaking during a one-day sensitisation programme organised by the special control unit against money laundering, (SCUML) for DNFBPs, Michael Wetkaz, director of EFCC in Lagos, said businesses should not create room for criminally-minded people to thrive.
“The financial institutions, to a large extent, have been regulated; and the issues of terrorism have been of great concern, globally,” he said.
”As a result, nations have tightened measures to ensure that the bad people have very limited space or even no space to operate, thereby helping to improve safety and security.
“But if you allow these criminal activities to pass through your businesses, it will worsen the insecurity situation in the country.”
He said the business operators should do their part and report financial activities that may threaten the security of the country.
“Please, do your part and report activities that you are obligated to report. We are doing our part to sensitize you,” he said.
“We are doing our part to sensitize you. We do this, so you know what we are supposed to do and you are not caught on the wrong side of the law. We should all work together to make it difficult for the bad actors.”
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FRSC to clamp down on vehicles without speed limit devices
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The Federal Road Safety Corps (FRSC), Anambra State Command, says it will start arresting drivers and impounding vehicles without speed limit devices in the state.
The FRSC Sector Commander, Mrs Joyce Alexander, said this at a news conference on Friday, in Awka.
Alexander said that records had shown that the majority of road crashes were caused by speed violations resulting in tyre bursts and loss of control.
She said the enforcement became necessary as drivers speed recklessly, overload their vehicles and transport people, animals and goods, regardless of the consequences.
“The policy thrust of the new Corps Marshall is to rejig operations, reassess and reevaluate them for better performance in Anambra.
“I want to put FRSC on a central map in Anambra, create impact and reduce road crashes and disobedience to traffic rules.
“We will commence minimal enforcement to achieve this. Motorists have been mandated to fix speed limit devices but some have not complied.
“We will start arresting defaulters and make them pay fines. We will insist they install the device before we release their vehicles,” she said.
The Sector Commander said a joint task force would be constituted in collaboration with other sister agencies to decongest and ensure sanity on the roads during the ‘Ember’ months.
She said the Corps would also work with the media to amplify public sensitisation and enlightenment on traffic regulations.
“We will be working with the state government to ensure the roads are motorable, obstructions removed and road signs installed in appropriate areas.
“The endgame is to have a situation where road users arrive at their destinations alive and safe,” Alexander said.
Deputy Corps Commander Jude Nnamani urged the public to cooperate with FRSC to reduce crashes in the state.
News
EFCC hands over 53 recovered vehicles, $180,300 to Canadian police
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The Economic and Financial Crimes Commission (EFCC) has handed over $180,300 recovered funds to the Royal Canadian Mounted Police.
The commission also said 53 vehicles stolen from Canada and brought into Nigeria were recovered nationwide have been handed over to the Canadian police.
At the handover ceremony on Friday, Ola Olukoyode, EFCC chairman, said the recovered assets—which were stolen by wire fraud and romance scam—would be returned to the victims.
Out of the total sum, $164,000 was reportedly stolen from Elena Bogomas, a Canadian national, in a romance scam, while $16,300 was from one Sandra Butler.
“It is common knowledge that financial crimes have taken a new turn all across the globe. It has become a global problem,” Olukoyode said.
“What affects one country in a matter of time, will affect other countries. The people who perpetrate these crimes, they do it in such a way that we discover that their activities are quite borderless and boundless.
“They employ all kinds of means to ensure that they move across various jurisdictions. That’s why it has become very necessary and imperative for us to collaborate with our friends across the world. People share the same objective and mandate with us.
“The Canadian royal mounted police has been collaborating with us and the demonstration of that collaboration has resulted in a lot of recoveries.
“As an agency and as a country, we are always ready to fight financial crime. Nigeria shouldn’t be seen as a hub. It is also to demonstrate that the government of Nigeria will never tolerate acts of financial crimes.
“We have recovered money, financial assets, and also we have recovered vehicles on behalf of the victims in Canada. As a matter of fact, a total of 53 vehicles were recovered on behalf of the victims. Also, in one instance, we had $164,000 U.S. dollars given to a Canadian victim known as Eleanor Bogomas. And also, we have here, another sum of $16,000 U.S. dollars stolen from another victim known as Sandra Butler.”
Nasser Sadiou, liaison officer, Royal Canadian Mounted Police and Robert Aboumitri, first secretary of the Deputy High Commission of Canada, were present at the event.
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