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Hyundai Motor asked to dissolve cross-shareholding in investors' interest

Many of South Korea's top conglomerates have moved to unwind cross-shareholdings in recent years

Reuters  |  Seoul 

South Korea's new antitrust chief said he has been in talks with the autos-to-steel conglomerate Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders. Kim Sang-jo, appointed to head the Korea Fair Trade Commission by President Moon Jae-in, told Reuters that Hyundai's web of cross shareholdings among its group affiliates has resulted in a "big governance risk" for South Korea's second-largest conglomerate, which is run by its 79-year-old chief, Chung ...

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First Published: Mon, August 21 2017. 16:04 IST
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