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Feb. 20 (Asia Today) — A National Assembly subcommittee on Thursday approved a third revision to South Korea’s Commercial Act that would in principle require listed companies to cancel repurchased shares within a year, shifting key decisions from boards to shareholders.

The bill cleared the Legislation and Judiciary Committee’s Bill Review Subcommittee No. 1. It sets a one-year deadline for canceling newly acquired buyback shares and gives companies six months to comply for company-held shares already on their books.

Rep. Oh Ki-hyung of the Democratic Party told reporters the core change is requiring companies to decide their shares-held-in-treasury disposal plans at an annual shareholders meeting rather than leaving the matter to boards.

He said directors could face administrative fines of up to 50 million won ($34,500) if the company fails to cancel the shares within the required period.

Oh said the measure is not an unconditional mandate to cancel repurchased shares, arguing that companies could keep them for extended periods if they obtain approval from shareholders.

The revision also adds language allowing boards to pass resolutions on capital-reduction procedures when buyback shares acquired for specific purposes are canceled, lawmakers said.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260220010006176

WASHINGTON — The U.S. Commission of Fine Arts, a panel made up of President Trump’s appointees, on Thursday approved his proposal to build a ballroom larger than the White House itself where the East Wing once stood.

The seven-member panel is one of two federal agencies that must approve Trump’s plans for the ballroom. The National Capital Planning Commission, which has jurisdiction over construction and major renovation to government buildings in the region, is also reviewing the project.

Members of the fine arts commission originally had been scheduled to discuss and vote on the design after a follow-up presentation by the architect, and had planned to vote on final approval at next month’s meeting. But after the 6-0 vote on the design, the panel’s chairman, Rodney Mims Cook Jr., unexpectedly made another motion to vote on final approval.

Six of the seven commissioners — all appointed by the Republican president in January — voted once more in favor. Commissioner James McCrery did not participate in the discussion or the votes because he was the initial architect on the project before Trump replaced him.

The ballroom will be built on the site of the former East Wing, which Trump had demolished in October with little public notice. That drew an outcry from lawmakers, historians and preservationists who argued that the president should not have taken that step until the two federal agencies and Congress had reviewed and approved the project, and the public had a chance to provide comment.

The 90,000-square-foot ballroom would be nearly twice the size of the White House, which is 55,000-square-feet, and would accommodate about 1,000 people, Trump has said. The East Room, currently the largest room in the White House, can fit just over 200 people at most.

Commissioners offered mostly complimentary comments before the votes.

Cook echoed one of Trump’s main arguments for adding a larger entertaining space to the White House: It would end the long-standing practice of erecting temporary structures on the South Lawn that Trump describes as tents to host visiting dignitaries for state dinners and other functions.

“Our sitting president has actually designed a very beautiful structure,” Cook said. “The United States just should not be entertaining the world in tents.”

The panel received mainly negative comments from the public

Members of the public were asked to submit written comment by a Wednesday afternoon deadline. Thomas Leubke, the panel’s secretary, said “over 99%” of the more than 2,000 messages it received in the past week from around the country were in opposition to the project.

Leubke tried to summarize the comments for the commissioners.

Some comments cited concerns about Trump’s decision to unilaterally tear down the East Wing, as well as the lack of transparency about who is paying for the ballroom or how contracts were awarded, Leubke said. Comments in support referenced concerns for the image of the United States on the world stage and the need for a larger entertaining space at the White House.

Trump has defended the ballroom in a recent series of social media posts that included drawings of the building. He said in one January post that most of the material needed to build it had been ordered “and there is no practical or reasonable way to go back. IT IS TOO LATE!”

The commission met Thursday over Zoom and heard from Shalom Baranes, the lead architect, and Rick Parisi, the landscape architect. Both described a series of images and sketches of the ballroom and the grounds as they would appear after the project is completed.

Trump has said the ballroom would cost about $400 million and be paid for with private donations. To date, the White House has only released an incomplete list of donors.

A lawsuit against the project is still pending

The National Trust for Historic Preservation has sued in federal court to halt construction. A ruling in the case is pending.

In comments it submitted to the commission, the privately funded group recommended that the size of the ballroom be reduced to “accommodate and respect the primary historic importance of the original Executive Residence.”

At the commission’s January meeting, some commissioners had questioned Baranes, Trump’s architect, about the “immense” design and scale of the project even as they broadly endorsed Trump’s vision. On Thursday, Baranes described changes he has since made to the design, and the commissioners said they welcomed the adjustments.

The ballroom project is scheduled for additional discussion at a March 5 meeting of the National Capital Planning Commission, which is led by a top White House aide. This panel heard an initial presentation about the project in January.

Superville writes for the Associated Press.

Experts say newly recently released documents show the need for an independent investigation into Epstein’s sex-trafficking ring.

A group of United Nations experts have suggested that abuses carried out by convicted sex offender Jeffrey Epstein could meet the definition of crimes against humanity.

On Tuesday, the independent experts appointed by the UN Human Rights Council (UNHRC) released a statement in response to the millions of files released by the United States government related to criminal investigations into Epstein.

They explained that the records tell a story of dehumanisation, racism and corruption.

“So grave is the scale, nature, systematic character, and transnational reach of these atrocities against women and girls, that a number of them may reasonably meet the legal threshold of crimes against humanity,” the experts wrote.

The UNHRC panel called for an investigation into allegations around Epstein and his associates, who include prominent figures in global politics, business, science and culture.

They added that the revelations from the files suggest a “global criminal enterprise”.

“All the allegations contained in the ‘Epstein Files’ are egregious in nature and require independent, thorough, and impartial investigation, as well as inquiries to determine how such crimes could have taken place for so long,” the experts said.

The latest condemnation follows the January 30 release of 3.5 million pages of files from the US government’s records on Epstein.

The files were required to be released as part of the Epstein Files Transparency Act, a bipartisan piece of legislation signed into law in November.

The act gave the US government 30 days to publish all of its Epstein-related documents in a searchable format, obscuring information only to protect victims’ privacy.

But the 30-day deadline came and went, with only a partial release of the files. Even the January 30 publication has been criticised as incomplete, with reports indicating that there could be more than 6 million files in the government’s possession.

The newly released documents have revealed new details about Epstein’s relationships with influential figures, but few have faced accountability.

Critics have argued that Epstein himself faced scant legal consequences for the sex crimes he perpetuated. He reached a plea deal in Florida in 2008, wherein he pleaded guilty to soliciting a child for prostitution and sex trafficking, but he only served 13 months in custody.

He was in jail in 2019, facing federal charges, when he died by suicide in his cell.

Epstein’s ex-girlfriend, Ghislaine Maxwell, has been sentenced to more than 20 years for her role in the sex trafficking scheme.

In Tuesday’s statement, the experts on the UN panel slammed the heavy redactions in the Epstein files that appear to shield the identities of powerful figures.

“The reluctance to fully disclose information or broaden investigations, has left many survivors feeling retraumatized and subjected to what they describe as ‘institutional gaslighting’,” the UN experts said.

Their criticism echoes similar accusations in the US. Lawmakers there have argued that the administration of President Donald Trump, a former friend of Epstein, has defied the November law by redacting documents beyond the guidelines set out by Congress.

The experts also noted that there appeared to be “botched redactions that exposed sensitive victim information”. They added that more must be done to ensure justice for the survivors.

“Any suggestion that it is time to move on from the ‘Epstein files’ is unacceptable. It represents a failure of responsibility towards victims,” they said.

SAN FRANCISCO — Matthew Stafford’s name is already all over the NFL record book.

Add another milestone to the Rams quarterback’s achievements.

On Thursday night, Stafford was announced as the NFL most valuable player during NFL Honors at the Palace of Fine Arts.

The 17-year veteran finished ahead of New England quarterback Drake Maye in balloting by a panel of 50 journalists who regularly cover the NFL. The panel is assembled by the Associated Press. Los Angeles Times reporters do not participate in voting for awards.

During his acceptance speech, Stafford thanks his wife, Kelly, and daughters along with teammates, who he pointed at some in the audience and said he looked forward to playing with them again next season.

Stafford, who turns 38 on Saturday, passed for a league-best 46 touchdowns and 4,707 yards.

Stafford led the Rams to a 12-5 record and directed an offense that led the league in scoring and yards per game. He was voted first-team All-Pro.

“He’s the epitome of an igniter,” Rams coach Sean McVay said this week. “He’s just this incredibly humble superstar that has the ability to make everybody feel better when you’re around him. … I know I’m biased, but I can remove my bias and say I think he was the best player in the NFL this year.”

Stafford also engineered late winning drives in playoff victories over the Carolina Panthers and the Chicago Bears before the Rams suffered a 31-27 defeat by the Seahawks in the NFC championship.

Stafford, the top pick in the 2009 draft, played 12 seasons for the Detroit Lions before he was traded to the Rams in 2021 for Jared Goff, two first-round draft picks and a third-round pick.

In his first season with the Rams, Stafford led them to victory in Super Bowl LVI at SoFi Stadium.

Stafford ranks sixth all-time in completions (5,562), yards passing (64,516) and is seventh in touchdown passes (423).

Maye, 23, is a second-year pro who will play against the Seahawks on Sunday in Super Bowl LX. Maye led the Patriots to a 14-3 record — including an 8-0 road mark — and completed a league-leading and franchise record 72% of his passes. He passed for 31 touchdowns, with eight interceptions, and also rushed for 450 yards and four touchdowns.