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In South Korea, the bosses falls

The bosses of South Korean family of companies falling like dominoes. On Wednesday, the shareholders of Korean Air sent to the company boss Cho Yang-ho, against his will, in the Board. Against Cho and his family, which are involved in a long series of scandals, run a number of investigations.

the next day, Park Sam-koo, chief of Asiana, the second largest Korean Airline had to give up his Offices. The airline had tried to Fudge their books.

On Friday, the General meeting of shareholders of Hanjin Heavy Hanjin-shipyard crashed out of their group-President Cho Nam-ho.

opinions go apart

the reason for the turmoil: in 2016, the South Koreans, with demonstrations had demanded investigations against their then President, Park Geun-hye. The Park was started in 2013 with the promise to "democratize the economy".

In reality, she helped the Chaebol, such as Korea's large family-run groups. The Lotte group, it gave Duty-free licences, the Samsung heir Lee Jae-yong helped you to secure the Power over South Korea's largest Chaebol. The groups Parks girlfriend Choi, Soon-to-schanzten-sil millions of dollars. For these and other Offenses, the President received 24 years in prison; several of their helpers, officials and politicians, also sit behind bars.

The felt between family corporations and politics is torn. The liberals see this as a Opening of the South Korean democracy, the Conservatives, one of which is Park, to criticize the incidents, however, as a vendetta.

you felt untouchable

After the military coup in 1961, drove the dictator Park Chung-hee, the entrepreneurs with a generous government investment and the suppression of all trade Union activities for the Expansion. Within three decades, South Korea became a Major industrial. The country owes its rapid rise to prosperity, thus, the felt between the policies and the Chaebol, it looks today as an anachronism to tear.

in the previous South Korean governments tried to limit the Power of the Chaebol families. To do this, you wanted to smash the conglomerates. But they flinch every Time, because they feared to plunge the Korean life are the most important export industry in a crisis. The Chaebol-families were, therefore, untouchable. Until today.

In the previous year, one study showed that the families, although they have only a few percent of their conglomerates, "to deal systematically with the laws and appointments of the management, the control by the shareholders bumping". The Clans with mistakes, mostly by unqualified members of the family, and various scandals have harmed your company again and again. The Chos, Chung and Shins stripped of their conglomerates, finally, yourself. However, not to diminish the Power of their Clans, but because the children of the founder, divided in the scramble to their heritage. Therefore, since then, several Hanjin, Hyundai and the Lotte company.

The country is transforming

now, If in a few days the bosses of two of the Hanjin conglomerate, Cho Yang-ho from that Hanjin, which controls Korean Air, and Cho Nam-ho of Hanjin Heavy of its shareholders were brought down, shows how quickly Korea is changing.

The state pension Fund of South Korea is one of the largest shareholders in many Chaebol. As the business largest President Park Geun-hye-the-Samsung-heir Lee Jae-yong in 2015 helped secure the Power of Samsung, the fact that you, by bringing the pension Fund to support his tag, although the entered the Insured, so all South Koreans, losses. Now this Board was, of all things, Treasury of the state, which gave the decisive vote to overturn Cho of Korean air Hanjin, and two days later, Cho of Hanjin Heavy.

(editing Tamedia)

Created: 01.04.2019, at 23:25

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