SDJ Corp. chairman Shin Dong-joo, who has been fighting a legal battle against his younger brother, Lotte Group chairman Shin Dong-bin, over the control of Korea’s fifth largest business group, has virtually surrendered to the latter.He said he would not submit a proposal for dismissal of Shin Dong-

The Seoul Central District Prosecutors' Office is questioning Chung Hyun-ho, president of Samsung Electronics' business support team who is known to be the closest aide to the company’s vice chairman Lee Jae-yong, over his role in the alleged accounting fraud at Samsung BioLogics.Chung’s sum

SK Group hosted Social Value Connect (SOVAC) 2019 in Seoul on May 28. More than 4,000 entrepreneurs, non-profit organization members, college students and citizens attended the event proposed by SK Group chairman Chey Tae-won.Over 80 organizations and groups took part as partners in the event held u

Financial Services Commission (FSC) Vice Chairman Kim Yong-beom said on May 20 that now is the time to improve the so-called 5 percent rule in step with the times. Companies expressed their objection to FSC's move to strengthen institutional investors’ shareholder rights and facilitate their par

About 10 individual shareholders of Korea Electric Power Corp. (KEPCO) staged a rally in front of the company’s branch in Gangnam-gu, Seoul, on May 20, letting off steam about the state-run power distributor's operating losses caused by the government’s nuclear phase-out policy and the resultant

South Korea’s two full service carriers – Korean Air Lines Co. and Asiana Airlines Inc. – were directly hit by the hikes in the won/dollar exchange rates in the first quarter of this year. Asiana Airlines saw its operating profit decrease nearly 90 percent, showing that it was more vulnerable to ext

A management succession process has been underway at Hanjin Group following the sudden death of the late chairman Cho Yang-ho. Yet signs of a sibling conflict among Cho’s three children over the group’s control have surfaced.The Fair Trade Commission (FTC) said on May 8 that it will postpone its ann

The Fair Trade Commission announced on April 2 that it has decided to report Daelim Group chairman Lee Hae-wook to the prosecution for enriching himself through sweetheart deals between a privately owned company and the group’s affiliates.The commission also imposed fines of 1.3 billion won (US$1.1

CJ Group chairman Lee Jae-hyun's eldest son Lee Sun-ho, manager of CJ CheilJedang, has recently secured a stake in the group’s holding company for the first time through stock exchange between subsidiaries. As Lee put his name on the holding firm’s shareholder list, market experts say that CJ ha

Hanjin Group has named Cho Won-tae, the only son of the late group chairman Cho Yang-ho and president of Korean Air Lines Co., as its new chairman.Hanjin KAL, the group’s holding company, announced on April 24 that its board of directors has appointed the junior Cho as the next chairman of the group

Kumho Asiana Group has decided to sell off Asiana Airlines.The group said on April 15 that the board of Kumho Engineering and Construction Co. has decided to sell off its stake in Asiana Airlines.Kumho Engineering and Construction is a major shareholder of Asiana Airlines with a 33.47 percent stake.

LG Group chairman Koo Kwang-mo is actively looking for future talent and new business opportunities. Koo, who visited the United States as his first overseas trip after his inauguration, made efforts to attract talented people. He was also interested in exploring new business opportunities through i

Creditors of crisis-hit Kumho Asiana Group, including Korea Development Bank (KDB), have rejected the former chairman Park Sam-koo’s restructuring plan, which included a promise to sell Asiana Airlines Inc. if the group fails to normalize its operation within three years.KDB, the main creditor of As

Kumho Asiana Group has requested its creditors to extend 500 billion won (US$439.17 million) worth of loans against the owner family’s entire stake in Kumho Buslines Co., the group’s de facto holding company. The group said it would agree to creditors’ sale of Asiana Airlines if it fails to normaliz

After the death of Hanjin Group chairman Cho Yang-ho, Hanjin Group is caught in the trap of inheritance taxes. This is because Cho Won-tae, his son and president of Korean Air Lines Co., would have to give up his management rights and sell part of the stakes he inherits to pay inheritance taxes, whi

Hanjin Group is expected to face difficulties in the process of transferring the management control from the late chairman Cho Yang-ho to Cho Won-tae, his son and president of Korean Air. The junior Cho has only a 2.34 percent stake in Hanjin KAL Corp., the holding company of the group, and it will

Choi Jong-ku, chairman of the Financial Services Commission, said on April 3 that the main reason for Asiana Airlines’ trouble is its corporate governance, stressing the responsibility of Kumho Asiana Group Chairman Park Sam-koo.It is rare that the head of the FSC, which supervises Korea Development

Contrary to earlier expectations, Samsung Electronics Co. has not downsized its pool of executives despite business environment uncertainties this year. Instead of simply reducing the number of executives, a practice it used in the past to respond to weaker business conditions, the company has decid

Korea Chamber of Commerce and Industry Chairman Park Yong-man has pointed out that there should be a reference for the National Pension Service’s stewardship code application.“I have advocated stewardship code introduction so that companies’ deviations can be prevented by institutional investors’ du

The majority shareholder of Asiana Airlines Inc. is under pressure from creditors, including Korea Development Bank (KDB), to hand over managerial control to a third party. Yet the company’s management claims that the company will be normalized again if it overcomes the short-term liquidity crisis.A