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Donation Vows from Self-made Entrepreneurs Defy Family Inheritance at Conglomerates

Donation Vows from Self-made Entrepreneurs Defy Family Inheritance at Conglomerates

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 [...]

Chaebol Offspring Land Executive Positions Just 5 Years After Joining Their Parents’ Companies

Chaebol Offspring Land Executive Positions Just 5 Years After Joining Their Parents’ Companies

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 [...]

42 Conglomerates Earned 1.42 tln Won in Brand License Fees from Affiliates Last Year

42 Conglomerates Earned 1.42 tln Won in Brand License Fees from Affiliates Last Year

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 [...]

New Generation of Chaebol Leaders Faces Growing Calls for Paradigm Shift

New Generation of Chaebol Leaders Faces Growing Calls for Paradigm Shift

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 [...]

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 [...]