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chaebols

April 19, 2018

Nut rage to water rage, Holtzbrinck family use special structure to keep control, and family-owned giants step up climate action

Nut rage to water rage

The family made famous by the “nut rage” scandal is at the centre of renewed controversy, after its heiress allegedly threw water on people during a business meeting and smuggled goods into Korea illegally.

February 8, 2018

Maersk charts blockchain future; Samsung heir’s release may boost economy; ads to help correct ‘misperceptions’ of Koch Industries

Maersk charts blockchain future

AP Moller—Maersk has entered into a joint venture with IBM and logistics company Agility, which aims to use blockchain technology to make the companies’ supply chains more efficient and secure.

Maersk, controlled by the eponymous family via AP Moller Holding A/S, wants to create a trade platform using distributed ledger technology, which establishes a shared, set-in-stone record of transactions. It also allows those within a particular network to access the data minutes after transactions take place.

September 1, 2017

Jailing of Samsung heir a message to chaebol, Ford self-drive cars to deliver pizza, and Father-son team launch new bank.

Jailing of Samsung heir a message to chaebol

The jailing of Samsung chief Lee Jae-yong for five years has fuelled public conversation in South Korea about the huge family-owned businesses which dominate the economy.

Samsung heir Lee Jae-yong was sentenced on corruption charges this week following a case dubbed “the trial of the century”, due to the message it sent the country’s massive conglomerates.

August 4, 2016

A newly revised law in South Korea will see the chiefs of major family-controlled conglomerates, known as chaebol, come under examination as lawmakers look to ensure the stability of their financial subsidiaries, officials said this week.  

A newly revised law in South Korea will see the chiefs of major family-controlled conglomerates, known as chaebol, come under examination as lawmakers look to ensure the stability of their financial subsidiaries, officials said this week. 

The move comes nearly three years after the Tongyang Group, then the 38th largest chaebol in South Korea, declared bankruptcy after inappropriately selling commercial paper and corporate bonds, causing damages to the tune of ₩2 trillion ($1.87 billion). 

February 17, 2015

A third-gen of South Korean conglomerate LG Group appears to have cracked the glass ceiling at her family’s business, becoming the first female family member appointed to top management.

A third-gen of South Korean conglomerate LG Group appears to have cracked the glass ceiling at her family’s business, becoming the first female family member appointed to top management.

Koo Ji-eun, who is also a next gen of the Samsung empire through her mother’s side, was appointed vice president of LG Group's catering subsidiary Ourhome this month, 11 years after she joined the company.

Koo is the daughter of Ourhome chairman Koo Cha-hak, and her uncles are LG Group chairman Koo Bon-moo and vice-chairman Koo Bon-joon.

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.

January 13, 2015

A $1.25 billion share sale at a subsidiary of South Korean family-owned conglomerate Hyundai has flopped, potentially stalling succession between the second and third generations.

A $1.25 billion (€1.06 billion) share sale at a subsidiary of South Korean family-owned conglomerate Hyundai has flopped, potentially stalling succession between the second and third generations.

Despite a discount on the share price of up to 12%, the Chung family failed to reduce its 43% in Hyundai Glovis, the group’s logistics subsidiary.

December 10, 2014

The third-gen vice president of Korean Air has resigned after she delayed one of its flights because an air steward served her macadamia nuts in a bag, rather than on a plate.

The third-gen vice president of Korean Air has resigned after she delayed one of its flights because an air steward served her macadamia nuts in a bag, rather than on a plate.

Heather Cho, 40, is the eldest daughter of Cho Yang Ho, who is chairman of the airline, and its parent company Hanjin Group.

In a flight from New York on 5 December, Cho berated a junior steward for the way he had presented the nuts, and insisted the plane taxi back the terminal so he could be removed from the flight.

May 9, 2014

The third generation of the Lee family, which controls South Korea’s Samsung, is reportedly restructuring family ownership in the conglomerate’s complicated web of subsidiaries.

The third generation of the Lee family, which controls South Korea’s Samsung, is reportedly restructuring family ownership in the conglomerate’s complicated web of subsidiaries.

The group’s IT solutions business, Samsung SDS, said on Thursday it was planning a listing on the Korea Exchange this year, explaining it will help it secure funds for its global expansion and patents in lucrative business areas such as cloud computing and big data.

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