Samsung Group и 4 других крупных конгломерата полностью разрушили свою систему "круговой поруки", то есть структуры перекрёстного владения акциями, заявил антимонопольный орган Южной Кореи (FTC) 28 декабря.
4 других крупных бизнес-группы - это розничный гигант Lotte, Hyundai Heavy Industries Group, Daelim Group и Hyundai Department Store Group, сказали представители FTC.
На этот шаг чеболи (крупные семейные бизнес-группы) пошли из-за постоянного давления нынешнего левопопулистского правительства, которое настаивало на том, чтобы конгломераты ликвидировали свои финансово-административные связи между филиалами в рамках усилий по "улучшению структуры управления и повышению прозрачности", сообщает бизнес-портал The Investor.
Критики чеболей утверждают, что механизмы перекрёстного владения акциями в значительной степени служат усилению контроля семьи над многочисленными филиалами и группой в целом.
В марте несколько крупных конгломератов, в том числе Hyundai Motor Group, обнародовали планы по упорядочению своих структур собственности посредством выделения бизнеса и слияний среди дочерних компаний.
В апреле председатель FTC Ким Санг-йо (в Южной Корее его также именуют "снайпером чеболей") назвал случай Hyundai Motor «наиболее желательным» для местных семейных бизнес-групп, которым необходимо реструктурировать свои схемы перекрёстного владения акциями.
Но 5-й по величине автопроизводитель мира отозвал свой основной план побочных слияний в мае из-за протестов со стороны глобального хэдж-фонда Elliott (его головной офис находится с США) и прокси-консультантов, таких как Institutional Shareholder Services.
Независимые от правительственных структур аналитики предупреждают, что охота дорвавшихся до власти левых популистов на крупные бизнесы может в перспективе подорвать экономику страны. Дело в том, что система крупных семейных предприятий, связанных между собой родственными и финансовыми связями, является традиционной для Южной Кореи. В течение нескольких десятилетий такие конгломераты доказали своё преимущество перед конкурентами, несмотря на отдельные негативные проявления. Нарушение традиционных связей может привести к потере управляемости и снижению эффективности. Однако нынешняя администрация президента Мун Джей-ина и "прогрессисты"-леваки в парламенте одержимы чувством мести к чеболям, которых считают "исчадием ада и наследием прошлых диктаторских режимов".
Под кампанию зачистки от неугодных попали даже профессора различных научных ВУЗов страны, включая руководителя (Нобелевского лауреата, между прочим) ведущего научного учреждения KAIST. Как и в случае с высшим руководством Samsung, главу KAIST обвинили "в коррупции и нецелевых растратах", что является обычным поводом при устранении неугодных.
На днях государственное информационное агентство Yonhap сообщило, что в стране началась ответная кампания сопротивления произволу властей в научных учреждениях, из-за чего многие заслуженные учёные, попавшие на руководящие должности при прежней администрации, были вынуждены подать в отставку из-за постоянного давления. Однако вскоре сообщение Yonhap подверглось цензуре и оттуда исчезли все подробности противостояния научного сообщества и правительства.
Тем не менее газета The Korea Herald опубликовала редакционную статью под названием "Уберите политику от науки", которая всё ещё доступна на её интернет-странице: LINK.
Samsung and another 4 largest conglomerate of South Korea destroyed the system of cross-shareholding under pressure from the government of left-wing populists
Samsung Group and four other major conglomerates have completely ended their circular cross-shareholding structures, Korea’s antitrust watchdog said on Dec. 28.
The four other big business groups are retail giant Lotte, Hyundai Heavy Industries Group, Daelim Group and Hyundai Department Store Group, the Fair Trade Commission said.
The latest move comes as Korea has been pressing conglomerates to unwind their cross-shareholding ties among affiliates as part of efforts to improve their governance structure and boost transparency.
Critics claim cross-shareholding arrangements are largely meant to strengthen family control over numerous affiliates and the group as a whole.
In March, a slew of large conglomerates, including Hyundai Motor Group, unveiled plans to streamline their ownership structures through business spinoffs and mergers among affiliates.
In April, FTC Chairman Kim Sang-jo cited Hyundai Motor’s case as “the most desirable” one for local conglomerates that are required to restructure their circular cross-shareholding structures.
But the world’s fifth-largest carmaker by sales withdrew its key spin-off merger plan in May due to opposition campaigns by global hedge fund Elliott and proxy advisers such as Institutional Shareholder Services.
Independent analysts have warned that the campaign of left-wingers in South Korea, aimed at weakening the position of chaebols, may in the future undermine the country's economy. The system of large family enterprises related to each other by related and financial ties is traditional for South Korea. However, the current administration of President Moon Jae-in and the "progressives" leftists in parliament are obsessed with a feeling of revenge to chaebols, who are considered "the fiend of hell and a legacy of past dictatorial regimes." Even respected professors of the leading scientific institutions of the country, including KAIST, came under the campaign of getting rid of unwanted appointees of the “old regime”.
As a rule, the authorities accuse all objectionable, including top executives of Samsung and KAIST, “for corruption and misuse of funds”.
The other day, the Yonhap news agency reported that the country had begun a campaign of resistance to the arbitrariness of the authorities in the country's scientific institutions. However, the message was soon censored and all details of the confrontation between the scientific community and the government disappeared from there.
Nonetheless, The Korea Herald published an editorial entitled “Keep politics out of science”, which is still available on its website.
[Editorial] Keep politics out of science (by Korea Herald)
Suspension of KAIST president put on hold, but heads of other institutes have stepped down
The scientific community is engulfed in a controversy over what appears to be a politically motivated purge of scientists.
On Friday, the board of trustees of the Korea Advanced Institute of Science and Technology put off a decision over whether to suspend KAIST President Shin Sung-chul, whom the government accuses of embezzlement and breach of trust.
The Ministry of Science and ICT alleges that Shin made illegal payments to the Lawrence Berkeley National Laboratory in California while serving as president of the Daegu Gyeongbuk Institute of Science and Technology, before joining KAIST. The payments were part of a deal giving scientists at South Korean universities access to Berkeley’s facilities. The ministry also alleges that some of the fees were unfairly paid to a former student of Shin’s.
Many researchers oppose the suspension of Shin, suspecting a politically motivated attempt to remove him. A distinguished US laboratory is involved, and the international science community is paying attention to the case. The prestige of Korea’s scientific establishment has diminished as a result of the scandal. But a rush to judgment must be avoided.
Above all, the allegations against Shin have not yet been proved true. The ministry asked the chair of the KAIST board to suspend him just two days after referring the case to the prosecution. The investigation has not yet begun, and still the ministry rushed to request his suspension. This gives the impression that the ministry is in a hurry to remove him.
Domestic scientists are on Shin’s side, though. More than 800 researchers have signed a petition against his suspension. The Citizens’ Coalition for Scientific Society, a science-focused civic group, has also spoken out against it. The group expressed concerns that any intervention by political power in the field of science would ruin what should be an autonomous and creative research environment.
The Berkeley Lab sent a letter to the ministry, explaining that the agreement with the DGIST had been executed legally. The ministry later said the deal violated a domestic law on “state” contracts, even if it did not violate any laws governing private contracts. That sounds like a less-than-convincing excuse to find fault with Shin at any cost.
The ministry emphasizes that it has followed legitimate procedures, but the petition signed by hundreds of researchers, the civic group’s statement of support and the Berkeley Lab’s letter suggest otherwise.
The case has drawn international attention, too. Nature, a renowned scientific journal, reported the news. In an online post Dec. 13, it reported that some researchers see the KAIST affair as part of an ongoing political purge of public science institutes by the liberal Moon Jae-in administration.
Separately from the Shin case, the ministry audited the DGIST and found misdeeds by President Son Sang-hyuk, Shin’s successor, including the misallocation of research funds. Though the DGIST decided to cut his pay for three months as punishment, Son stepped down late last month.
Since the inception of the Moon administration, 11 heads of state-run research institutes, including Son, have resigned in the middle of their terms. All had been appointed during the days of former President Park Geun-hye.
Most of these scientists are said to have succumbed to persistent pressure to resign. Some bucked, only to step down when their institutions suffered as a result of being audited by the government.
Research institutes are organizations that have nothing to do with politics. However, these leaders stepped down under apparent pressure and new leaders were appointed after the change of government. This amounts to the government dividing the science community into “us and them.” It is shameless to talk about science and technology policies in a situation like this.
The government must take researchers’ voices seriously. Irregularities must be eradicated, but those entrusted with this task must avoid listening only when they want to. Above all else, they must not regard leadership posts at research institutes as political trophies.
The US, Japan, China and other powers are accelerating research to conquer scientific frontiers in areas such as artificial intelligence and space exploration. Korea will straggle behind them if it does not resolve conflicts over the leadership of research institutes.
KAIST is a hotbed of Korea’s top scientists. Stable, consistent leadership is essential to cultivating scientific talent. The government must ensure that KAIST retains its independence.
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