FKI board meets over new chief, upcoming assembly

Published : Feb 17, 2017 - 09:42 Updated : Feb 17, 2017 - 09:42

The board of the Federation of Korean Industries was set to meet Friday for discussions on ways to reform the organization now facing a series of departures by its key members that are threatening its very foundation.

FKI officials said the board was expected to set the agenda for the general assembly scheduled to be held next Friday, noting they were expected to include the appointment of a new FKI chief.

(Yonhap)

The organization has been searching for a new leader to replace outgoing chairman Huh Chang-soo, but the search was earlier said to be near fruitless amid a mass withdrawal of key members, such as Samsung Group and Hyundai Motor Group.

Their departure came after possibly the worst corruption scandal in the country's history involving President Park Geun-hye and her friend Choi Soon-sil that has led to Park's impeachment.

The FKI and its officials are believed to have played a key role in coercing nearly 80 billion won ($70.1 million) from FKI members for two sports organizations controlled by Choi.

Now the FKI faces a possible collapse caused by the withdrawal of its key members that also include the SK and LG groups.

The four business groups and their affiliates are said to have accounted for nearly half of the 50 billion won the FKI collected last year in membership fees, those close to the business lobby have said. (Yonhap)