Conglomerate owners, family members pocket W469b in dividends
Jul 7, 2013
Owners of South Korean conglomerates and their family members have pocketed a total of 469 billion won (US$411 million) in dividends over the past five years from affiliates owned by them, industry data showed on Sunday.Family-owned conglomerates, or chaebol, have been under fire in the country for their practice of granting profitable contracts to their affiliates owned by heads' children or relatives in a bid to avoid paying gift taxes on future transfers of wealth.Previously, laws did not reg