Booyoung head represents senior citizens
FTC probe expected to be his Achilles heel
Booyoung Group Chairman Lee Joong-keun, 76, has been elected as the 17th chairman of the Korean Senior Citizens Association, amid growing criticism from the government and the public against the builder.
According to the association, Monday, the chairman defeated former three-term lawmaker Kim Ho-il, 75, and Harimgak Chairman Nam Sang-hae, 79, in an election held at Kim Koo Museum & Library at Yongsan, Seoul, Friday.
Lee, who served as a vice chairman of the association for the past seven years, built more than 200 senior citizens’ centers during that time. He also donated a three-story senior citizens’ educational institute in Muju, North Jeolla Province, to the association in March this year.
Lee pledged he would demand the government establish a ministry for welfare of senior citizens. “Given that the elderly population is expected to surpass 10 million in 2025, Korea needs a ministry that deals with the overall situation related to senior citi- zens,” he said.
The newly-elected chairman vowed to speak for the rights of 7 million senior citizens as well. While the number of people aged 65 and over reaches 7 million in Korea, the association has only 3 million members for now.
Lee said he will pay its regional chiefs so as to build a solid basis for the future growth of the association. The regional chiefs have struggled to send a certain amount of the membership fees to the headquarters in Seoul.
“The regional chiefs work full time, and it is nonsense to have them serve with inadequate pay,” he said. “I will discuss the matter with the government, but they should be compensated in advance.”
The chairman also showed his con- fidence in his ability to play a double role.
“I will spend a large amount of time to make a better association,” he said. “I will move the association’s headquarters to the Taepyungro building in which Booyoung’s head office is located.”
Considering Booyoung has become the first target of the nation’s antitrust watchdog under the Moon Jae-in administration, however, the chairman may not be able to fulfill his promises during his term.
The group is accused of shielding seven companies managed by the chairman’s relatives from a list of its subsidiaries that had to report to the Fair Trade Commission (FTC), and possessing shares in six affiliates under borrowed names.
It has also run into trouble with Jeonju City Government, as it allegedly raised rents by more than the legally-allowed rates. The city government filed a complaint against the company with the police and the FTC.
Industry analysts said this is why the leader of the country’s 15th largest conglomerate was left out of the President’s meeting with the heads of large companies last week, while medium-sized food firm Ottogi was invited to the meeting.