EDITORIAL; Critical Feud within Hyundai Group

Korea Times (Seoul, Korea), July 29, 2000 | Go to article overview

EDITORIAL; Critical Feud within Hyundai Group


Economy-minded people at large remain concerned about the Hyundai business group's inner feuding over the management rights of major enterprises of the nation's largest industrial conglomerate among three sons of Hyundai founder and honorary chairman Chung Ju-yung, each being aided by warring vassals of CEOs and other key company executives.

It is widely observed that the feuds over the managerial rights of the group's component firms are attributable largely to the apparent weakening of the owner's decision-making power and fading influence due to poor health and advanced age. The conflict, which is said to be a kind of ``war of princes,'' is almost certain to have accelerated as a result of the division of loyalty toward the three brothers among the group's leading executives.

The feuding has led to a row over Hyundai Motor's separation from the group and Hyundai Construction and Engineering's liquidity crisis following the lowering of the credit ratings of eight affiliates of the group. The financial crisis of the country's largest construction firm has barely been overcome by its creditor banks' special action that deferred the maturing period of their loans to the trouble-stricken company.

However, without the firm's self-help efforts, the company's and other Hyundai affiliates' latent and potential business crisis is feared to inflict grave damage to not only the Hyundai group but the nation's entire economy. In this context, the precarious Hyundai crisis may recur to remain a major problem of the national economy throughout the latter half of this year.

The Hyundai conflict appears to have developed mainly between elder son Mong-koo, now chairman of Hyundai Motor, and one of his young brothers, Mong-hun, who has been handpicked as chairman of the group's larger sectors, including foreign trade and electronics.

Notably, this week Hyundai Heavy Industries, which runs a large-scale shipyard in Ulsan, with younger brother Rep. Chung Mong-joon, who has the largest portion of equity shares in the company among the family members, came to lodge a lawsuit demanding that Hyundai Electronics, under the management of Mong-hun, one of his elder brothers, repay $220 million that was first paid by the heavy industry firm to a Canada-based bank called CIBC.

The maverick, who was elected to the National Assembly four straight times by a parliamentary constituency in Ulsan, where Hyundai's mammoth shipyard and motor plant are based, remains chairman of the Korean Soccer Association and also vice chairman of the international soccer federation FIFA. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

EDITORIAL; Critical Feud within Hyundai Group
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.