SEOUL, May 7 (Korea Bizwire) — The Cabinet on Tuesday approved a revision to the rule on the designation of large business groups and their chiefs for a watch list subject to stricter filing and other antitrust regulations, the regulator said. Under current law, conglomerates with total assets exceeding 5 trillion won (US$3.68 billion) are [...]
SEOUL, Aug. 27 (Korea Bizwire) — Defying criticism and stiff objections from anti-corruption campaigners, Lee Jae-yong, the de-facto chief of the country’s top conglomerate Samsung was released on parole on Aug. 13, rekindling controversy over lopsided legal “favors” to business moguls here. Lee, the vice chairman of Samsung Electronics Co., the group’s crown jewel, had [...]
SEOUL, Feb. 19 (Korea Bizwire) — Woowa Brothers Corp. CEO Kim Bong-jin has followed in the footsteps of Kakao Corp. founder Kim Beom-su to donate half of his fortune, bringing a pleasant surprise to the public. The decision by these self-made entrepreneurs to donate half of their fortune comes as a stark contrast to other conglomerates, known [...]
SEOUL, Jan. 14 (Korea Bizwire) — The offspring of South Korean business group founders are typically promoted to executive positions within five years of joining their parents’ companies, a business research firm showed Wednesday. On average, it took 14.1 years for them to become presidents after starting out. It took an average of 4.8 years [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s antitrust watchdog said Sunday 42 large business groups earned a combined 1.42 trillion won (US$1.29 billion) by selling brand licenses to their affiliates last year amid concerns conglomerate owners could glean profits from such transactions. The 2019 tally marked a 7.6 percent rise from the previous year’s [...]
SEOUL, Dec. 17 (Korea Bizwire) — More than half of the second generation of South Korea’s chaebol (conglomerate) families turned out to have married partners from within the chaebol community. According to a survey conducted by corporate tracker CEO Score that looked at the marriages of family members in the nation’s top 55 conglomerates headed [...]
SEOUL, Oct. 29 (Korea Bizwire) — There are many ways in which things can go wrong for families who try to preserve their massive wealth for generations to come, like the famous saying, “Shirtsleeves to shirtsleeves in three generations.” To beat the “shirtsleeves” curse, however, the owner families of South Korea’s leading conglomerates, called chaebol [...]
SEOUL, Jun. 30 (Korea Bizwire) — The number of South Korean chaebol members with more than 1 trillion won (US$865 million) worth of listed shares reached 24 as of the previous trading session, data showed Sunday. The combined value of listed shares held by the 24 shareholders came to 64.3 trillion won as of the [...]
SEOUL, May 5 (Korea Bizwire) — The value of houses owned by chaebol heads shot up 34 percent in 2019 from a year earlier, data showed Sunday. According to the data compiled by Chaebul.com, the combined declared value of houses owned by the country’s major 39 family-controlled business giants, called chaebol in South Korea, was [...]
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 [...]