Two-thirds of top chaebol have disappeared since 1997

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Two-thirds of top chaebol have disappeared since 1997

Published: 01 Nov. 2017, 20:20

Nearly 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.

Yonhap