chaebol Archives | Be Korea-savvy
Lotte to Invest 50 Tln Won, Create 70,000 New Jobs in Next 5 Years

Lotte to Invest 50 Tln Won, Create 70,000 New Jobs in Next 5 Years

SEOUL, Oct. 23 (Korea Bizwire) — Lotte Group said Tuesday it will invest 50 trillion won (US$44 billion) and create 70,000 new jobs in the next five years in its first major business decision after its chief returned to the helm of South Korea’s fifth-largest conglomerate. Lotte Corp., the business group’s holding firm, said that [...]

Trademark Fees Received by Chaebol Holding Companies Exceed 1 tln Won in 2017

Trademark Fees Received by Chaebol Holding Companies Exceed 1 tln Won in 2017

SEOUL, Oct. 7 (Korea Bizwire) — Trademark usage fees received by holding companies of South Korea’s largest conglomerates exceeded 1 trillion won (US$884.5 million) for the first time ever in 2017, a report submitted to parliament by the country’s anti-trust watchdog showed Sunday. The findings submitted to Rep. Lee Tae-kyu’s office by the Fair Trade [...]

Parliamentary Panel Passes Bill on Deregulation of Internet Bank Ownership

Parliamentary Panel Passes Bill on Deregulation of Internet Bank Ownership

SEOUL, Sept. 19 (Korea Bizwire) — A parliamentary committee on Wednesday approved a bill aimed at allowing nonfinancial firms to have up to a 34 percent stake in Internet-only banks, easing the current 4 percent ownership limit for financial industry reform. The National Policy Committee agreed that family-owned conglomerates, known as chaebol, will not be [...]

Chaebol-Owned Retailers Constitute Bulk of Law Violations

Chaebol-Owned Retailers Constitute Bulk of Law Violations

SEOUL, Sept. 12 (Korea Bizwire) – South Korea’s large retailers affiliated with family-controlled conglomerates, or chaebol, account for more than 60 percent of violations of a related law over the past five years, a report showed Wednesday. The Fair Trade Commission (FTC), South Korea’s antitrust watchdog, detected 48 breaches of the act on fair transactions [...]

No More Special Treatment for Chaebol at Airports

No More Special Treatment for Chaebol at Airports

SEOUL, Jun. 20 (Korea Bizwire) — Going forward, the transport of goods by a third party on behalf of South Korean conglomerate (chaebol) heads will be banned completely. A new system will enable customs officials to monitor passageways for airport employees which, some say, acted as channels for smuggling. This is according to recommendations by [...]

Stricter Rules Eyed for ‘Unfair’ Deals Favoring Firms Run by Chaebol Founding Family Members

Stricter Rules Eyed for ‘Unfair’ Deals Favoring Firms Run by Chaebol Founding Family Members

SEJONG, Apr. 10 (Korea Bizwire) – South Korea’s corporate watchdog said Tuesday that the revised enforcement ordinance of anti-trust laws will restrict deals that favor companies owned by the founding family members of large businesses. The change that will come into force soon aims to prevent arrangements that give unfair advantages to certain firms and [...]

Antitrust Chief Urges Voluntary Change of Conglomerates

Antitrust Chief Urges Voluntary Change of Conglomerates

SEJONG, Dec. 15 (Korea Bizwire) — The head of South Korea’s antitrust watchdog said he expects the country’s large businesses groups to voluntarily reform their cobweb-like family-run governance structures to meet market expectations and promote fair competition. “I once again reaffirm that I will never be pushy and coercive in carrying out reform on conglomerates,” [...]

Samsung Group Chairman Lee Kun-hee ‘s Offshore Account May Cost Him at Insurance Subsidiary

Samsung Group Chairman Lee Kun-hee ‘s Offshore Account May Cost Him at Insurance Subsidiary

SEOUL, Nov. 28 (Korea Bizwire) – Samsung chairman Lee Kun-hee’s position as the largest stakeholder of Samsung Life Insurance is in jeopardy after speculation over the existence of a secret offshore account was corroborated in a National Policy Committee meeting held on November 27. Politician Park Chan-dae said, “Chairman Lee’s eligibility as the largest stakeholder [...]

Chaebol Rankings Seesaw Over Two Decades

Chaebol Rankings Seesaw Over Two Decades

SEOUL, Nov. 1 (Korea Bizwire) — Nearly two-thirds of South Korea’s top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday. According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining [...]