Chaebol lack presence in PyeongChang
The 2018 PyeongChang Winter Olympic Games are approaching their final phase, leaving behind its records and anecdotes. Some elements set these Olympics apart from other global athletic events, however. One such trend is the near lack of corporate promotion by the businesses of the host country.
Most of Korea's large family-controlled conglomerates, or chaebol, such as Samsung, Hyundai, Lotte and Hanjin, are keeping a low profile, refraining from glitzy advertising. Some pro-chaebol media outlets lamented the "disappearance" of Korea's best-known corporate players from the Olympic stage held in their own country.
Local businesses, which have donated more than 1 trillion won ($934 million) to help attract and hold the Winter Olympics, are not seen at the venues apparently due to the corruption scandal involving former President Park Geun-hye and her friend Choi Soon-sil. The liberal Moon Jae-in administration's negative views of chaebol also may have contributed to their low profile. Yet, businesses need to make the most of their opportunities for Olympic marketing.
Some criticized the Moon government for failing to arrange seats for chaebol chiefs at the presidential reception for the Olympics opening while inviting literary figures and even food columnists. Few can deny businesses' contributions to hosting the international sporting event.
However, the time has long past for Korea to sever corrupt ties between politicians and tycoons. What does it mean when all three of Korea's IOC members ― Lee Kun-hee, Park Yong-sung and the late Kim Un-yong ― were deprived of their status because of corruption charges brought against them at home? And how could the presidential office invite chaebol owners who were either convicted of bribery or are being investigated over corruption allegations?
Andy Spalding, a law professor at the University of Richmond and an expert on Olympic-related corruption, recently described Korea as an "anticorruption tiger" because of its new Anticorruption Law and its strict implementation.
The PyeongChang Games should be an occasion for Korea to be reborn as an anticorruption bastion and be remembered as so by people around the world.
The 2018 PyeongChang Winter Olympic Games are approaching their final phase, leaving behind its records and anecdotes. Some elements set these Olympics apart from other global athletic events, however. One such trend is the near lack of corporate promotion by the businesses of the host country.
Most of Korea's large family-controlled conglomerates, or chaebol, such as Samsung, Hyundai, Lotte and Hanjin, are keeping a low profile, refraining from glitzy advertising. Some pro-chaebol media outlets lamented the "disappearance" of Korea's best-known corporate players from the Olympic stage held in their own country.
Local businesses, which have donated more than 1 trillion won ($934 million) to help attract and hold the Winter Olympics, are not seen at the venues apparently due to the corruption scandal involving former President Park Geun-hye and her friend Choi Soon-sil. The liberal Moon Jae-in administration's negative views of chaebol also may have contributed to their low profile. Yet, businesses need to make the most of their opportunities for Olympic marketing.
Some criticized the Moon government for failing to arrange seats for chaebol chiefs at the presidential reception for the Olympics opening while inviting literary figures and even food columnists. Few can deny businesses' contributions to hosting the international sporting event.
However, the time has long past for Korea to sever corrupt ties between politicians and tycoons. What does it mean when all three of Korea's IOC members ― Lee Kun-hee, Park Yong-sung and the late Kim Un-yong ― were deprived of their status because of corruption charges brought against them at home? And how could the presidential office invite chaebol owners who were either convicted of bribery or are being investigated over corruption allegations?
Andy Spalding, a law professor at the University of Richmond and an expert on Olympic-related corruption, recently described Korea as an "anticorruption tiger" because of its new Anticorruption Law and its strict implementation.
The PyeongChang Games should be an occasion for Korea to be reborn as an anticorruption bastion and be remembered as so by people around the world.
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