Richest under 40: Koo Gwang-mo

[BORN TO BE RICH] Among South Korea's richest aged 40 years or younger, LG chairman’s the adopted son Koo Gwang-mo, 38, of LG Group is the wealthiest. His net worth is estimated at 751.8 billion won (US$650.5 million).LG Corp. vice president Koo Gwang-mo.Koo is the great grandson of LG’s founder, the late Koo In-hoe. He was born to Heesung Group chairman Koo Bong-neung, but was adopted by his uncle Koo Bon-moo, chairman of LG. Gwang-mo is currently a vice president of LG Corp. He was promoted to

June 22, 2016

Conservative heavyweight calls for control on chaebol

[THE INVESTOR] The ruling Saenuri Party on Monday called for strengthened supervision on conglomerates’ lax management and tax-evading power succession practices as part of a long-term vision to achieve social compromise and lessen inequality.By prioritizing distribution over growth and advocating the rights of irregular workers, the conservative party gestured at expanding its political horizon to the centrist-reformist zone.“A nation that is not just may not stand straight,” said floor leader

June 20, 2016

Conglomerates selling stakes in money-making affiliates to raise funds

[THE INVESTOR] Owners of the nation’s top conglomerates are increasingly selling their stakes in various money-making affiliates to raise funds needed for participating in capital increases of other key affiliates.On June 8, Hanjin Group chairman Cho Yang-ho sold a 6.87 percent stake in one of Hanjin’s real estate brokering affiliates for 25.1 billion won (US$21.3 million), according to a regulatory filing on June 16. The brokering affiliate had posted 41.3 billion won in sales and 14 billion wo

June 17, 2016

Arrest warrant rejected for former Oxy Korea CEO

[THE INVESTOR] A Seoul court on June 17 rejected an arrest warrant sought for former Oxy Reckitt Benckiser CEO John Lee amid an escalating probe into the company’s toxic humidifier disinfectant scandal. The Seoul Central District Court said the evidence complied thus far against Lee is not strong enough to issue an arrest warrant. Lee, a 48-year-old Korean-American who currently heads Google Korea, is suspected of not taking appropriate measures despite rising health complaints from users when h

June 17, 2016