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South Korea

February 17, 2015

South Korean politicians are considering new legislation aimed at controlling abuses of power and misconduct in family-run conglomerates, and is being nicknamed after Heather Cho, the Korean Airlines next gen whose inflight tantrum in December last year captured international headlines.

South Korean politicians are considering new legislation aimed at controlling abuses of power and misconduct in family-run conglomerates, and is being nicknamed after Heather Cho, the Korean Airlines next gen whose inflight tantrum in December last year captured international headlines.

November 20, 2014

Samsung retires $2.5 billion proposed merger; Ikea doubles down on wind deal; and BMW and Daimler commit to Mexico supply deal

Samsung retires $2.5 billion proposed merger

South Korea’s largest family-owned conglomerate Samsung Heavy Industries has scrapped a proposed $2.5 billion (€1.99 billion) takeover of Samsung Engineering due to shareholder opposition.

August 26, 2013

Tokyo has long been the coolest town in Asia, but Seoul is now giving it a run for its money. Hip new stores, salons and boutiques are opening left, right and centre. Campden checks out what the city has in store.

Tokyo has long been the coolest town in Asia, but Seoul is now giving it a run for its money. Hip new stores, salons and boutiques are opening left, right and centre. Impressive architectural landmarks are being built, arguably the most spectacular being Zaha Hadid’s Dongdaemun Design Park and Plaza.

July 18, 2013

The family head of CJ Group, one of South Korea's largest chaebols, was indicted today for tax evasion and embezzlement.

The family head of CJ Group, one of South Korea's largest chaebols, was indicted today for tax evasion and embezzlement.

Third-generation chairman of the food, pharmaceuticals and biotechnology group Lee Jay-hyun, 53, was accused of dodging 54.6 billion won (€37 million) in taxes, and of creaming off 96.3 billion won in company assets to fill a personal slush fund.

May 20, 2013

Family-controlled conglomerate LG Group has announced it will award 400 billion won (€278 million) worth of contracts to smaller businesses, as the South Korean government moves to rein in the economic dominance of its biggest family businesses.

Family-controlled conglomerate LG Group has announced it will award 400 billion won (€278 million) worth of contracts to smaller businesses, as the South Korean government moves to rein in the economic dominance of its biggest family businesses.

In the voluntary move, LG will award system integration contracts worth 230 billion won, advertising deals worth 100 billion won and the remainder to construction contracts.

February 25, 2013

South Korea’s chaebols are the foundation of the country’s economic success story. But have these businesses turned into monsters?  

Imagine you are the fantastically wealthy owner of a vast South Korean conglomerate with a young daughter who doesn’t know what she wants to do with her life. She needs a hobby. What do you do? Give her a bakery, of course. Sounds harmless? Not so.

Early in 2012 there was a vast public blowback against the swanky bakeries owned by the daughters of South Korean moguls, which were accused of putting traditional small Korean bun-sellers out of business. The outcry was so great that even politicians leapt on to the bandwagon.

August 16, 2012

Kim Seung-Youn, chair of South Korean conglomerate Hanwha, has been jailed for four years and fined 5.1 billion Korean won (€3.7 million) after being found guilty of embezzlement.

Kim Seung-Youn, chair of South Korean conglomerate Hanwha, has been jailed for four years and fined 5.1 billion Korean won (€3.7 million) after being found guilty of embezzlement.

The 60-year-old head of the family business, whose operations range from manufacturing and construction to financial services, was sent directly to jail following the ruling by a South Korean court today.

February 9, 2012

Family businesses are crucial to the smooth running of western economies. Indeed, as argued many times by CampdenFB and its supporters, they are crucial to the recovery of the European and US economies, and the continuing success of fast-growing emerging markets.

Family businesses are crucial to the smooth running of western economies. Indeed, as argued many times by CampdenFB and its supporters, they are crucial to the recovery of the European and US economies,  and the continuing success of fast-growing emerging markets.

January 31, 2012

Plans by opposition politicians in South Korea to introduce a new tax on family-controlled conglomerates have been criticised by the country’s finance minister.

Plans by opposition politicians in South Korea to introduce a new tax on family-controlled conglomerates have been criticised by the country’s finance minister.

Bahk Jae-wan said the Democratic United Party’s suggestion to tax the dividends earned by family-owned conglomerates, or chaebol, from equity investments in their affiliates could hurt future investment and competitiveness, reported the Yonhap News Agency, a local news provider.

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