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Biz News Korea(Eng)
LG Group becomes first Korean chaebol to leave FKI
- Collected
- 2016.12.27
- Distributed
- 2016.12.28
- Source
- Go Direct
Jay Y. Lee, vice chairman of Samsung Electronics, during a parliamentary hearing on the power abuse scandal involving President Park Geun-hye and her friend Choi Soon-sil, said Samsung Group would be pulling out of the FKI, but the country’s top conglomerate is yet to take formal procedures.
Starting next year, LG won’t be part of the FKI members or pay membership fees. FKI founded in 1961 acted as the most powerful business organization during a time the economy was mostly led by large companies. It lost voice amid criticism about chaebol predominance and came under fire for collecting donations from corporate members for the president and two nonprofit organizations created by Choi.
LG’s action is expected to make other members follow suit and could dismantle the body.
LG Chairman Koo Bon-moo, who acted as one of FKI vice chairs, in the hearing recommended that FKI should act as a private gathering for businesses and serve as a think tank like the Washington-based Heritage Foundation.
Aside from traditional chaebol names, state institutions like Korea Development Bank (KDB), the Export-Import Bank of Korea (Exim Bank) and Industrial Bank of Korea are poised to leave the group.
The FKI is expected to decide its future in next regular assembly in February.
By Lee Dong-in
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