Fewer Minions
The Fair Trade Commission announced on Nov. 2 that the number of companies belonging to the Korean business groups subject to ban on mutual investment and debt guarantee decreased by 22 to 1,656 between last month and this month.
Nine companies put their names on the list this month while 31 were excluded from it. The former include those associated with the Korea Electric Power Corporation (KEPCO), Lotte, Hyundai Heavy Industries, CJ, LG, KT, Daelim and Hyundai.
Meanwhile, the Samsung Group and KT disposed of their shares in one and three subsidiaries, respectively. The Dongbu Group shed six affiliates and the Taekwang Group deleted five subsidiaries by merging with them. The nine conglomerates including SK, POSCO, Kumho Asiana and Nonghyup excluded 16 companies from the group of their subsidiaries by selling shares or terminating liquidation.