Chairmen Chung Eui-sun, Chey Tae-won, and Koo Kwang-mo Gather Recently... Celebrating Park Yong-man's Retirement

Meeting at a Chinese Restaurant in Seoul Late Last Month
Detained Vice Chairman Lee Jae-yong Absent

(From the right) Lee Jae-yong, Vice Chairman of Samsung Electronics; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; and Chey Tae-won, Chairman of SK Group, attending the government's New Year joint meeting held at the Seoul Chamber of Commerce and Industry in January last year.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Heung-soon] It has been confirmed that the heads of South Korea's four major conglomerates, excluding Samsung Electronics Vice Chairman Lee Jae-yong, recently met at a location in Seoul. The meeting was held to congratulate and thank Park Yong-man, Chairman of Doosan Infracore, who retired as Chairman of the Korea Chamber of Commerce and Industry (KCCI), and to support Choi Tae-won, Chairman of SK Group, who newly assumed the chairmanship of KCCI.

According to the business community on the 11th, Chairman Choi Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo met at a Chinese restaurant in Seoul on the 31st of last month. Chairman Park Yong-man also attended this gathering. Among the heads of the four major groups, Vice Chairman Lee Jae-yong, who is currently imprisoned after being sentenced to 2 years and 6 months in prison for the 'state affairs manipulation' case, was unable to attend.

A business community official stated, "The heads of the conglomerates expressed their gratitude to Chairman Park Yong-man, who has led the KCCI, and agreed to support Chairman Choi Tae-won, who is leading the KCCI anew." It is known that the heads have maintained continuous communication not only through this meeting but also via individual channels.

However, it was reported that there was no specific mention of the electric vehicle battery lawsuit, in which LG Energy Solution and SK Innovation reached a sudden agreement over the weekend, during the meeting about 10 days ago. The two companies succeeded in settling the dispute 713 days after LG Energy Solution filed a trade secret infringement complaint with the U.S. International Trade Commission (ITC).