[THE INVESTOR] Hyundai BS&C, a construction firm associated with Hyundai Group, has been outed for frequently shortchanging subcontractors. Records from the Fair Trade Commission showed that Hyundai BS&C was caught violating related laws exceeding the set limit between 2013 and 2015. Hyundai BS&C was established by Chung Dae-sun, one of the grandsons of Hyundai Group founder Chung Ju-young and husband of former celebrity anchor Noh Hyun-jung.  Hyundai BS&C founder Chung Dae-sunThe junior Chung w

Aug. 25, 2016

[THE INVESTOR] The Solidarity for Economic Reform civic group on Aug. 23 called on Samsung Electronics Vice Chairman Lee Jae-yong to “shoulder responsibilities as a controlling shareholder” in Samsung Heavy Industries' latest decision to undergo a capital increase to secure more liquidity.  Samsung Electronics Vice Chairman Lee Jae-yong (left)The group -- led by corporate governance expert Kim Sang-jo -- warned the move could turn out to be a “failure” if ordinary shareholders who hold 65 percen

Aug. 24, 2016

[THE INVESTOR] Hotel Shilla, the brainchild of Samsung heiress Lee Boo-jin, appears likely to enter this year’s race for rights to operate duty-free shops in downtown Seoul, industry sources said on Aug. 22. They noted the company has recently formed a task force for winning the rights to compete against rivals such as Lotte, SK Networks, Hyundai Department Store and Shinsegae. “A final decision has to be reached, but we are likely to take part in the bid,” said one Hotel Shilla representative o

Aug. 23, 2016

[THE INVESTOR] SPC Group has opened its first Paris Baguette chain in Chengdu, located in the southwest area of China that encompasses provinces such as Sichuan. The area has recently been experiencing a development boom on the latest Chinese government policies. Chengdu is the provincial capital of Sichuan, and is the fourth most populated city in China with 14 million people, according to SPC.SPC Group Chairman Hur Young-inThe group said it plans to open more shops in Chengdu, and also will ex

Aug. 22, 2016

[THE INVESTOR] Hyosung Group, led by next-in-line Cho Hyun-joon, sold off its automatic teller machine manufacturing plant in Beijing.Hyosung recently sold its entire stake in Beijing Hyosung Computer Technologies -- operator of the manufacturing plant -- to a foreign company for a reported 25 billion won (US$22.4 million), according to investment bank sources on Aug. 22. Hyosung has been operating the Beijing plant in a joint effort with its affiliate, Nautilus Hyosung, since 1999. Hyosung Grou

Aug. 22, 2016

[THE INVESTOR] Kumho Asiana Group Chairman Park Sam-koo’s eldest son Se-chang has been named an internal director at the group’s holding company Kumho & Co., according to the firm on Aug. 22. Industry sources say the move appears to mark a transition of power to the junior Park, who was named CEO of Kumho Asiana Group’s corporate strategy division this year. He is also concurrently the head of both Kumho Corp. and Asiana Sabre -- a travel reservation service affiliated with Asiana Airlines. In a

Aug. 22, 2016

[THE INVESTOR]  Naver, led by founder Lee Hae-jin, has invested 23.3 billion won (US$20.9 million) to establish WAV Media -- a video streaming service -- in the US.Naver confirmed Aug.19 that it created WAV Media as a subsidiary in California in June this year.  Naver founder Lee Hae-jin“This is one of the many ideas we have in regards to making inroads in the US,” said Choi Seo-hee, a spokesperson for Naver here. “We believe the most effective content would be that localized for the US markets,

Aug. 19, 2016

[THE INVESTOR] Smilegate Holdings, founded by South Korea’s fourth-richest person Kwon Hyuk-bin, is set for a pilot run of the firm’s latest massively multiplayer online role-playing game “Lost Ark” on Aug. 24.On Aug. 18, Smilegate unveiled “Lost Ark,” which succeeds its previous hit, “CrossFire,” released nine years ago. It took five years for the firm to come up with “Lost Ark.”  Smilegate Holdings Chairman Kwon Hyuk-bin (left) at the launch event of “Lost Ark” on Aug.18At the launch event, Je

Aug. 19, 2016

[THE INVESTOR] Six of the 10 top South Korean conglomerates spent more on entertaining buyers or others with business connections over the past four years, but the increases did not appear to have helped with corporate growth. The six include Samsung, Hyundai Motor Group, Hanwha and GS.According to research by The Investor and the Herald Business, ten South Korean firms run by owner families increased their entertainment expenses by double-digit percentages between 2012 and 2015. Hyundai Motor G

Aug. 18, 2016

[THE INVESTOR] Among Korea’s top 10 conglomerates, LG Group spent the most in miscellaneous accounts, which mainly appears to have been used for entertainment and promotional purposes, according to research from Herald Business and The Investor.From 2012 to 2015, LG reported no official entertainment expenses, but the firm spent 11.8 trillion won (US$10.7 billion) on miscellaneous purposes. LG Group headquarters in Seoul.Next was Samsung, which spent about 9.4 trillion won in its miscellaneous a

Aug. 18, 2016

[THE INVESTOR] The stock wealth of the founders of Korea’s top two entertainment agencies -- SM Entertainment and YG Entertainment -- saw a significant fall after South Korea announced its decision on July 8 to deploy THAAD, an advanced anti-missile defense system.China has been crying foul at the project, and to highlight its disapproval, has been placing restrictions on South Korean performers. SM Entertainment head Lee Soo-man’s stock assets stood at 129.9 billion won (US$116.27 million) as o

Aug. 5, 2016

[THE INVESTOR] Kim Dong-sun, the third son of Hanwha Group Chairman Kim Seung-yeon, will compete in the dressage event of the 2016 Rio Olympics, according to the group on Aug. 5. This will be the 27-year-old’s debut in the Olympic Games. He is the first Korean representative to compete in the Olympic equestrian event in eight years. He is also the country’s first to take part in one of the world’s top three equestrian competitions that include the World Championships and the World Cup finals. Ki

Aug. 5, 2016

[THE INVESTOR] Lotte Group founder Shin Kyuk-ho, 94, was found to have evaded billions of won of taxes when bequeathing stakes in Lotte Holdings Japan to his third wife and their daughter. Lotte Holdings serves as Lotte Group’s global headquarters, with offices in Seoul and Tokyo. Lotte Group founder Shin Kyuk-ho (center).  The Supreme Prosecutors’ Office said on Aug. 5 that Shin failed to pay 600 billion won (US$537.06 million) in taxes when he handed over a 6 percent stake to Seo Mi-kyung, who

Aug. 5, 2016

[THE INVESTOR] Shinsegae vice chairman  Chung Yong-jin made headlines in 2014 when he became the first Korean to own a Tesla car.He is now looking to house Tesla’s first dealership in one of Shinsegae’s latest masterpieces -- Starfield Hanam shopping mall in Gyeonggi Province. Shinsegae's new shopping complex Starfield Hanam.Shinsegae Group said it is still waiting for the final go-ahead from Tesla, but sources believe the two sides are close to reaching a deal.“We understand that the discussion

Aug. 4, 2016

[THE INVESTOR] Korea’s top 10 conglomerates were found to make up more than half of the nation‘s total stock market value, a report showed Wednesday. According to corporate tracker CEO Score, the market capitalization of 181 listed companies owned by 10 top conglomerates recorded 778.5 trillion won ($698 billion) as of late last month, with 416 family members owning 70 trillion won. Samsung headquarters in Seoul.The entire listed companies under the 10 top groups accounted for 51.2 percent of th

Aug. 3, 2016