Scandal-hit business lobby holds shortened meeting

By Park Jae-hyuk

The Federation of Korean Industries (FKI) held a board meeting at its headquarters, Friday, in the absence of major members including Hyundai Motor Group, which is considering leaving the scandal-ridden lobby group.

The 55-year-old chaebol lobby reportedly failed to discuss the selection of a new leader and reform plans during the 30-minute meeting. It could talk only about this year’s budget and the results of businesses last year.

The closed meeting, which had been predicted to be canceled as being short of a quorum, went ahead with about 50 members, most of them deputies of CEOs.

The board of directors consists of CEOs, but Hanjin Group CEO Seo Yong-won was the only one to attend.

GS Group Chairman Huh Chang-soo, who is also the incumbent FKI Chairman, was one of two chairmen at the meeting, along with Daelim Industrial Honorary Chairman Lee Joon-yong.

The FKI has yet to find a candidate for the new chairman, with Huh’s term due to end at the end of this month.

Last December, Huh vowed not to extend his term, as well as apologizing for the lobby group being involved in an unprecedented corruption scandal involving President Park Geun-hye and her friend Choi Soon-sil.

According to the FKI, the new chief should be selected at the annual meeting, which is supposed to be held on Feb. 24.

Hyundai Motor Group Chairman Chung Mong-koo has been mentioned as candidate because he is the oldest, but this appears unlikely with the carmaker’s possible exit and the chairman’s busy schedule.

Some observers therefore expect Daelim Industrial Honorary Chairman Lee Joon-yong, the second-eldest, to be the next FKI chief.

The nation’s largest conglomerates ― Samsung, LG and SK groups ― recently decided to leave the lobby group, which is on the verge of collapse.