Ryu Jin, Chairman of Hankyung Association, "Expecting Good Results from 4 Major Groups' Membership Fee Payments... Will Not Rush"

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"Expected to Pay Voluntarily Rather Than Demand Like Debtors"

Ryu Jin, chairman of the Korea Economic Association (HanKyungHyup), said on the 17th that he would "not rush" regarding the payment of membership fees by the four major conglomerates.

Ryu Jin, Chairman of the Korea Economic Association, is visiting Geumjin Co., Ltd., a wallpaper manufacturing company in Cheongju, Chungcheongbuk-do, on the 17th, touring the production site. Photo by Korea Economic Association

Chairman Ryu expressed this during a visit to a distinguished advisory company in Cheongju, Chungbuk, when he met with reporters and said, "(The four major groups) will all pay (the fees)," adding, "I expect good results." He further stated, "I am not worried. I believe they will pay voluntarily rather than being pressured like debtors."

The four major groups?Samsung, SK, Hyundai Motor, and LG?withdrew from the Federation of Korean Industries (FKI), the predecessor of HanKyungHyup, following the political scandal in the past. However, last year, the Korea Economic Research Institute (KERI), which had the four major groups as members, was absorbed and merged into HanKyungHyup, formally reuniting the four major groups with HanKyungHyup. Since then, it is known that the four major groups have not paid membership fees.

When asked about whether there was a goal regarding the recruitment of chairpersons, he replied, "There is no goal. Everyone has their own circumstances," and refrained from elaborating.

Regarding whether he had discussed the inclusion of Samsung Electronics Chairman Lee Jae-yong and other chairpersons, he said, "It is not at that stage yet," adding, "The important thing is that (Samsung) has joined as a member company. Communication is going well."

Concerning HanKyungHyup's efforts to recruit member companies from various fields such as IT, gaming, and entertainment, he said, "It is easy to leave, but not easy to join," and added, "We are trying to attract companies that perform well and are ethical 'model companies.'"