Thursday, April 06, 2006

Korean Activists Condone Unfair Practices of Big Business

One topic dominating the Korean media is the Hyundai-Kia scandal. What I find fascinating is how Koreans see the charges against Hyundai-Kia. Most Koreans have a wait and see attitude. Others feel that attacking Groups like Hyundai-Kia and Samsung will weaken the Korean economy.

Taking a broader look, some Koreans are unhappy with the practices of Korean big business. A few activist groups take a stronger stance.

For example,

A Korean civic group announced in a press conference that they have discovered 70 illegal or unfair share transactions committed by affiliates of chaebol, or family-controlled conglomerates, in the last 10 years.

The figure accounts for 27 percent of all dealings carried out between 1995 and 2005 by 250 companies controlled by 38 conglomerates, the People's Solidarity for Participatory Democracy said in its report. Among the 250 firms, 64 were found with the irregularities.

The civic group said it will file complaints against the board members of Hyundai Glovis and Gwangju Shinsegae Department Store on charges of condoning the unfair deals.

The group claims that Samsung Group was found with 10 cases of illegal or unfair dealings, followed by five cases by Hyundai Automotive Group and three cases by LG Group. Lotte Group had no illegal transactions during the period.

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