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No Olympics vibe, but conglomerates devotedly back Korean athletes
koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
Hyundai s archery support shines again in Tokyo
koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
Hyundai s archery support shines again in Tokyo
koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
Hyundai, Hyosung request FTC to recognize new group chiefs
Posted : 2021-03-02 16:00
By Nam Hyun-woo
Hyundai Motor Group and Hyosung Group requested that the Fair Trade Commission (FTC) recognize their new chairmen, according to the Fair Trade Act, which regulates chaebol s business practices.
This recognition bears significance because it determines the FTC s scope in considering whether certain companies are affiliated as a conglomerate or not. That status subsequently decides which companies are subject to regulations on conglomerate owners unfair profiteering from intra-affiliate trading.
According to industry officials, Hyundai Motor Group has recently requested the FTC to recognize Chairman Chung Euisun as the group s chief, according to the act. If the antitrust agency accepts this request and announces Chung as the chief, the automobile giant will have a new legal chief for the first time in 21 years.
By Nam Hyun-woo
Hyundai Motor Group Honorary Chairman Chung Mong-koo will vacate his board membership at Hyundai Mobis, loosening his control over the management of Hyundai Motor Group companies.
According to industry officials, Sunday, Chung won t be renamed as an internal director on the Hyundai Mobis board of directors during the component maker s annual general meeting slated for March 24.
Chung s current term expires in March, and the honorary chairman has already passed over the majority of Hyundai Motor Group companies managing rights to his son, Hyundai Motor Group Chairman Chung Euisun.
When Chung Mong-koo ends his term, the 82-year-old will no longer hold board memberships at Hyundai Motor Group, meaning he won t be involved in managing the auto giant in the future.