April 27, 2024
Economy
SK Group quits FKI after Samsung, LG
[THE INVESTOR] SK Group, South Korea’s third-largest business conglomerate, on Feb. 16 announced its withdrawal of membership from the Federation of Korean Industries.
SK joined Samsung Group, LG Group and other major business groups in leaving the nation’s top business lobby, which has been blamed for its role in a snowballing corruption scandal that led to the impeachment of President Park Geun-hye. SK Telecom and SK Innovation, two major affiliates of SK Group, were set to submit their documents of withdrawal to the FKI later in the day, Eighteen other SK affiliates were scheduled to follow suit.
The four major conglomerates, which are Samsung, Hyundai Motor, SK and LG, accounted for about 77 percent of the FKI’s annual membership dues worth 49.2 billion won (US$43.2 million) in 2015.
The FKI is set to hold a board meeting later this week to try to look for a new chief, but prospects for the federation’s fate are highly uncertain with major conglomerates leaving the organization.
(theinvestor@heraldcorp.com)
SK joined Samsung Group, LG Group and other major business groups in leaving the nation’s top business lobby, which has been blamed for its role in a snowballing corruption scandal that led to the impeachment of President Park Geun-hye. SK Telecom and SK Innovation, two major affiliates of SK Group, were set to submit their documents of withdrawal to the FKI later in the day, Eighteen other SK affiliates were scheduled to follow suit.
The four major conglomerates, which are Samsung, Hyundai Motor, SK and LG, accounted for about 77 percent of the FKI’s annual membership dues worth 49.2 billion won (US$43.2 million) in 2015.
The FKI is set to hold a board meeting later this week to try to look for a new chief, but prospects for the federation’s fate are highly uncertain with major conglomerates leaving the organization.
(theinvestor@heraldcorp.com)
