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Biz News Korea(Eng)
All four Korean top chaebols leave FKI with Hyundai Motor exit
- Collected
- 2017.02.22
- Distributed
- 2017.02.24
- Source
- Go Direct
Hyundai Motor Co., the country’s largest automaker, and its 11 other affiliates under Hyundai Motor Group officially notified the FKI their withdrawal from the organization, the group said Tuesday.
It makes the entire exit of companies under four conglomerates - Samsung, SK, LG, and Hyundai Motor - whose annual membership fees took up 70 percent of the organization’s income.
With its viability at stake, the FKI board on February 17 announced austerity measures by axing this year’s budget by 40 percent.
Founded in 1961, FKI acted as the most powerful business organization during a time the economy was mostly led by large companies. But it lost voice amid criticism about chaebol predominance and its role of collecting donations for two nonprofit organizations created by the president’s confidante Choi Soon-sil.
Chaebol owners appearing in a parliamentary hearing on the scandal in December all vowed to keep distance with the lobby group.
FKI has declared that it will present a reform plan and name the next chairman who will succeed current chief Huh Chang-soo, GS Group chairman. It has been hoping CJ Group co-chairman Sohn Kyung-shik would take upon the role.
If he rejects, Lee Joon-yong, chairman of Daelim Industrial Co. and oldest member of the corporate group, may have to represent the organization.
By Jung Wook
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]