Samsung to Pay Hankyung Association Membership Fee Immediately After National Audit... Big 4 Groups Complete Full Payment

Samsung and LG to Pay 3.5 Billion Each
Hankyung Association's Room for Maneuver Expected to Expand

It has been reported that Samsung will pay the Korea Economic Association membership fees shortly after this year's National Assembly audit. Samsung has left the decision on fee payment to its affiliates, tentatively deciding to make the payment right after the audit. Hyundai Motor and SK have already paid, and LG also plans to pay 3.5 billion won in membership fees within this month. If Samsung also pays, all four major groups that have already completed their payments will have fully paid their membership fees.

On April 12th, employees of tenant companies were moving at the Korea Economic Association in Yeouido, Yeongdeungpo-gu, Seoul. Photo by Jinhyung Kang aymsdream@

According to the business community on the 15th, four Samsung affiliates?Samsung Electronics, Samsung SDI, Samsung Life Insurance, and Samsung Fire & Marine Insurance?plan to pay the Korea Economic Association membership fees around the 1st of next month, after the National Assembly audit. This follows the Samsung Compliance Committee's announcement in August that it would leave the decision on fee payment to the autonomous judgment of each affiliate.

Samsung is said to have responded positively to the Korea Economic Association's efforts for reform, including the establishment of an ethics committee. During this process, the Korea Economic Association reportedly persuaded Samsung regarding the justification and use of the membership fees, future roles, and plans for managing ethical and political risks.

The business community expects that if all four major groups pay their fees, the Korea Economic Association's financial management and projects will gain momentum. It is also analyzed that policy communication between the four major groups and the Korea Economic Association will become more active, and the association will have a stronger justification to enhance its role as a domestic and international liaison.

A business community official said, "Not only will outreach activities using the Korea Economic Association's overseas network centered on advanced countries be possible, but also the scope of maneuver will expand in serving as a bridge between politics, government, and businesses."

However, regarding the payment of membership fees, Samsung and LG officially stated, "We cannot confirm the matter."