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28 conglomerates under tight scrutiny for heavy debts

All News 12:00 May 25, 2020

SEOUL, May 25 (Yonhap) -- South Korea's financial regulator said Monday that 28 highly indebted conglomerates were put under closer watch for debt reductions in order to prevent defaults.

According to the Financial Supervisory Service (FSS), the conglomerates that owe more than 1.7 trillion won (US$1.36 billion) to local banks have been designated heavy corporate debtors this year. This compares with 30 such business groups last year.

Dongwon Group; HMM Co., South Korea's biggest shipping company by sales; Kumho Petrochemical Co., a major South Korean petrochemical; and South Korean hypermarket chain operator Homeplus were removed from the list as they paid off some of their debts.

KCC Corp., a manufacturer of building materials, and KG Group were included on the list for the first time, the FSS said.

The outstanding amount of the 28 business groups' combined loans totaled 244.4 trillion won as of the end of 2019, up 2.8 percent from the end of 2018, the FSS said.

This file photo shows the logo of the Financial Supervisory Service in front of its headquarters in Yeouido, western Seoul. (Yonhap)

entropy@yna.co.kr
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