S Korea set to crack down on chaebols with corporate reform

Seoul

SOUTH Korea is pushing for its most significant reform of corporate governance since President Moon Jae-in took office, a move that could add transparency to top decision-making at large conglomerates that dominate the economy.

The conglomerates, known as chaebols, propelled South Korea's rise as an export powerhouse. The semiconductors and cars made by the likes of Samsung Electronics and Hyundai Motor have also helped the country emerge from the pandemic slump quicker than many major economies.