Two-thirds of top chaebol have disappeared since 1997Nearly two-thirds of Korea’s top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday.
According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining their status or being split up.
Out of the 19 chaebol, 11 business groups - including Daewoo, Ssangyong, Dongah, Kohap - were dissolved in the wake of the foreign exchange crisis. Eight others such as Halla, Hansol and Kolon fell out of the top 30 list. In contrast, 11 conglomerates - Samsung, Hyundai, SK, LG, Lotte, Hanwha, Doosan, Hanjin, Kumho, Daelim and Hyosung - maintained their ranking.
Fifteen new entrants onto the top 30 list include steel behemoth Posco, Nonghyup, telecom heavyweight KT and retail giant Shinsegae.