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Loss making divisions will be shut next year

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The South Korean government is talking tougher and will get tougher with the big five chaebols (family concerns). Reports in tomorrow's papers in South Korea will say that the Ministry of Finance and Economy will shut down subsidiaries Hyundai, LG, Samsung, Daewoo and SK which cannot be clearly demonstrated make money. That follows a high level investigation into the way debts are shunted around in the conglomerates. The South Korean government, faced with pressure from the International Monetary Fund(IMF), is likely to take action at the beginning of next year, unless the chaebols reform their ways. Meanwhile, LG said it is to restructure its TFT group. Only a few weeks ago, Hyundai did the same. The LCD units are seen as unprofitable in the peninsula. ®

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