71 Business Groups Subject to Public Disclosure
The Korea Fair Trade Commission (KFTC) announced on April 29 the list of 71 business groups that have at least five trillion won in assets each and their 2,612 subsidiaries would become subject to the duty of public disclosure on May 1. The number of such groups increased by seven and the number of such subsidiaries increased by 328 as compared with last year.
The new entries are Coupang, Korea Aerospace Industries, Hyundai Marine & Fire Insurance, Joongang Media Network, Bando Holdings, Daebang, MDM and IS Holdings. KG has been excluded from the list.
The KFTC also announced that the number of business groups subject to cross-shareholding restrictions increased by six to 40 this year. The new entries are Celltrion, Naver, Nexon, Netmarble, Hoban Construction, SM and DB. Daewoo E&C has been excluded from the list. The number of subsidiaries subject to the same restrictions increased from 1,473 to 1,742. The number of such subsidiaries increased 23 in SK, 21 in Kakao and 15 in IMM Investment and Samchully each. On the other hand, it decreased four in Hyosung and three in Hanwha, Doosan and Hankook Tire each.
In addition, the official owners of Hyundai Motor Group and Hyosung Group have been changed from honorary chairman Chung Mong-koo to chairman Chung Eui-sun and from honorary chairman Cho Suk-rae to chairman Cho Hyun-joon on the database of the KFTC. In the case of Coupang, the corporation instead of CEO Kim Bom-suk, who is a U.S. citizen, has been designated as the owner.