The number of executives at Korea’s top 30 conglomerates decreases year after year as a growing number of companies carry out downsizing and restructuring to offset poor performance.CEO Score, a corporate performance analysis site, has recently surveyed 262 affiliates of Korea’s major 30 groups that
The Korea Fair Trade Commission announced on Dec. 9 that it recently looked into 56 conglomerates, those include 49 led by owners, the 49 conglomerates have 1,801 subsidiaries, and at least one owner family member is registered as a director in 321 out of the 1,801 subsidiaries. It added that direct
Samsung Securities announced on Dec. 2 that it has lowered its target price on Asiana Airlines to 3,800 won, although the groundwork for another leap has been laid by HDC Hyundai Development, who was chosen as the preferred bidder for the ailing airline.As HDC Hyundai Industrial Development has offe
HDC Hyundai Development Co. took over Asiana Airlines by suggesting a price of approximately 2.4 trillion won whereas the other bidders suggested less than two trillion won. It is too early to pop the champagne though. HDC and its partner Mirae Asset Daewoo are supposed to deal with important issues
The sale of Asiana Airlines is expected to be a competition between the Aekyung and HDC Hyundai Development Company consortiums as the KCGI-BankerStreet PE consortium failed to find a strategic investor. Aekyung’s consortium partners are Stonebridge Capital and Korea Investment & Securities while HD
Asiana Airlines has lost a lawsuit it filed with the Korean court in 2014 with regard to the Korean government’s suspension of its service on the Seoul-San Francisco route following an Asiana passenger plane’s crash into a breakwater at San Francisco International Airport in 2013.The Supreme Court a
Industry tracker CEO Score recently analyzed the 51 South Korean business groups led by chairpersons and constituting the 59 large business groups designated by the Korea Fair Trade Commission and said on Oct. 16 that the total equity value of the chairpersons of the 51 groups and their families was
South Korea’s state-run Korea Development Bank (KDB) has officially kicked off a sale process for KDB Life Insurance, formerly Kumho Life. Private equity funds at home and abroad or financial groups which do not own life insurance companies, such as KB Financial Group and Woori Financial Group, are
Kumho Tire Co. has signed an agreement with Bayer 04 Leverkusen, one of the top football clubs in Germany, to sponsor the team as an official global tire partner until the 2020/2021 season.Officials from the two sides, including Kumho Tire CEO Jeon Dae-jin and Rudi Voller, managing director of sport
As the Moon Jae-in government has been pushing for chaebol reforms and strengthening regulations on corporate governance reforms after taking office, the number of cross-holding links among affiliates of conglomerates has decreased sharply. The number of companies subject to regulations designed to
The sale process has begun for South Korea's second-largest full-service carrier Asiana Airlines Inc.Kumho Industrial and sales adviser Credit Suisse Securities issued a public notice on July 25 to sell 68,688,063 controlling shares of Asiana Airlines, equivalent to a 31.0 percent stake, held by
As Lotte Chemical Corp. has decided to establish a joint venture with GS Energy Corp. to produce bisphenol A (BPA), South Korean BPA producers which have been supplying their products to Lotte Chemical has been put on emergency alert. Lotte Chemical has purchased BPA from LG Chem Ltd., Kumho P&B Che
Financial Services Commission (FSC) Chairman Choi Jong-ku said it is possible to sell Asiana Airlines Inc. to a buyer with shortcomings after making up for its weak points. However, he denied the possibility of hiving off of the airline's subsidiaries. Currently, Kumho Industrial Co. and credito
When Asiana Airlines Inc. was issued a qualified opinion by external auditor Samil PricewaterhouseCoopers (PwC) in the last week of March before the deadline for submitting an audit report, it had its shares suspended from trading on Korea Exchange, triggering an “accounting shock.” The company saw
Starting from next year, large business groups reducing their loans in the financial sector and increasing their borrowings in the capital market by using debentures and commercial papers are classified as main debtor groups subject to ongoing corporate restructuring. This is because the Financial S
Kumho Asiana Group is facing difficulties in selling off its stake in struggling Asiana Airlines Inc. Domestic business groups that were considered potential buyers, such as SK and Hanwha, all announced that they are not considering acquiring Asiana Airlines, raising the possibility that the stake s
Creditors of Asiana Airlines have decided to provide a total of 1.73 trillion won (US$1.51 billion) in loans to normalize the nation's second largest carrier.Of the total, 1.6 trillion won will be directly provided to Asiana Airlines, while the remaining 130 billion won will be given to Kumho Bu
Creditors of Asiana Airlines, including the state-run Korea Development Bank (KDB), are expected to provide up to 1 trillion won (US$879.89 million) of financial support to the ailing airline this week. They are likely to use perpetual bond and stand-by loan, which is more like a bank account with o
As Korea Development Bank (KDB) chairman Lee Dong-geol announced on April 16 that creditors would quickly come up with a financial support plan for Asiana Airlines Inc., market watchers are speculating about the price of the country’s second largest carrier.Financial authorities and KDB believe that
With Kumho Asiana Group's sale of Asiana Airlines confirmed, attention is focusing on who will be the new owner of the country's second-largest carrier.The group announced on April 15 that it has decided to sell Asiana Airlines for the future of the company and its 10,000 executives and empl