SEOUL, April 13 (Korea Bizwire) — The cash-strapped South Korean conglomerate Doosan Group announced Monday it has submitted a self-rescue plan to its creditors, apparently including selling of an affiliate and pay cuts for executives. Doosan Group has been struggling to normalize troubled affiliate Doosan Heavy Industries & Construction Co. Last month, Doosan Heavy opened [...]
SEOUL, Oct. 12 (Korea Bizwire) – Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won (US$88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road. The amount [...]
SEOUL, Aug. 6 (Korea Bizwire) — The heads of South Korea’s major business groups own puny stakes in their affiliates, but a complex cross-shareholding structure allows their families to exercise nearly uncontrolled power over the sprawling business empires, data showed Thursday. In South Korea’s business scene, a “group” does not refers to a legal entity, [...]