No-shows at meetings with President
Five chairmen skip meetings with Moon
President Moon Jae-in invited leaders of the country’s top conglomerates to Cheong Wa Dae for separate meetings on Thursday and Friday, for the first time since his inauguration in May.
Ten of the invited companies sent their heads, while five opted to send their deputies.
In the case of business bellwether Samsung, it is understandable because its Chairman Lee Kun-hee remains bedridden after collapsing three years ago.
His only son, Vice Chairman Lee Jae-yong, is behind bars, embroiled in the corruption scandal involving former President Park Geun-hye.
Samsung sent Vice Chairman Kwon Oh-hyun, the CEO of its major affiliate Samsung Electronics, to the convention.
The tycoons from Hyundai Motor, LG, Hanwha and Hanjin groups also did not attend.
According to a source, Hyundai Motor Chairman Chung Mong-koo, 79, was sick. Hanjin Chairman Cho Yang-ho, 68, and Hanwha Chairman Kim Seung-youn, 65, were under treatment.
Instead, Chung’s son, Hyundai Motor Vice Chairman Chung Eui-sun, and Cho’s son, Korean Air President Cho Won-tae, represented their groups. Korean Air is the flagship unit of Hanjin.
Hanwha’s Kim has three sons and they all work for Hanwha subsidiaries. But the group didn’t send any of them, possibly because they are still young, in their early 30s or late 20s. Vice Chairman Keum Chun-soo attended instead.
“The organizers of the meetings asked for practical discussions,” a Hanwha official said. “Hence, we decided that Vice Chairman Keum would be a perfect fit for that because he is well versed in detailed issues.”
Cheong Wa Dae, with the Korea Chamber of Commerce and Industry, prepared for the events, at which the President talked with businesspeople over beers.
LG Chairman Koo Bon-moo did not attend because he delegated most of his work to his brother, Vice Chairman Koo Bon-joon, at the beginning the year.
“Vice Chairman Koo accompa- nied President Moon as an economic delegate to the United States last month,” an LG official said. “That’s why he visited Cheong Wa Dae this time around, too.”
Creating more jobs
In the meantime, President Moon asked event participants to help create more jobs to invigorate the economy.
The new head of state has vowed to boost the economy by increasing the incomes of people and expanding welfare services.
He has stressed the significance of generating more quality jobs and he plans to create many public service positions during his five-year term.
His administration also is set to increase the corporate tax rate to finance rising welfare costs, affecting mostly chaebol.
Chaebol refers to Korea’s sprawling conglomerates in which founding families exercise almost unchecked control.
The interlocking families of companies typically buy from and supply one another.