Rich List: Korean fortunes, chaebol style

Korea's family-owned conglomerates have long dominated every aspect of commercial life on the peninsula and in the process amassed vast fortunes.
Lee Kun Hee, Korea's richest man
Lee Kun Hee, Korea's richest man

Successive governments have promised to rein in the power and economic hegemony
of the Korean chaebol, or conglomerates, since the Asian crisis in the late 1990s. But, little has changed to curtail the corporate dominance of Samsung, Hyundai, and other family groups that gained the patronage of Park Chung-hee who ruled the country from 1961 until 1979.

On the other hand, several chaebol bosses have spells in prison for tax avoidance, fraud or embezzlement over the years, arguably to circumvent rules limiting individual shareholders voting power to 3%. Lee Kun Hee 26, chairman of Samsung Electronics is again Korea’s richest person in FinanceAsia's...

¬ Haymarket Media Limited. All rights reserved.

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