Hyundai Motor Group has submitted the membership cancellation from the Federation of Korean Industries(FKI), following the disaffiliation taken earlier by LG, Samsung and SK Groups. All of big four business groups have completed their disaffiliation from the FKI, a business lobby association set up by the conglomerates.
Hyundai Motor Group announced on February 21 that eleven affiliates of Hyundai Motor Group such as Hyundai Motor, Kia Motors, Hyundai Glovis, Hyundai Card and Hyundai Steel have submitted the disaffiliation forms.
The Federation of Korean Industries has been under clamoring public demand for the disbandment for its role in corporate donations of 77.4 billion won(US$68 million) to the Mir and K-sports Foundations allegedly controlled by President Park Geun-hye's longtime friend Choi Soon-sil at the behest of President Park Geun-hye.
Amid the organizational crisis, the FKI general meeting is slated to take place on February 24. It is a normal process in the FKI leadership election that before the general meeting, a 20-member chairmans group will be formed to elect the FKI chairman who will be endorsed by the general meeting.
reported by Kim Hak-tae
translated by Kim Sung-jin