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Korea’s chaebols, govt in rare gathering to ensure successful PyeongChang Olympics
According to Pulse by Maeil Business News Korea

Korea’s big corporate names all vowed commitment and share in the country’s successful hosting of the 2018 Winter Olympics and Paralympics in PyeongChang.

Top chaebol leaders on Wednesday all gathered at a New Year’s event focused on the Olympics sponsored by the Federation of Korean Industries (FKI), a lobby group they kept distance from since its scandalous involvement in arranging illicit corporate donations for former impeached President Park Geun-hye and her clandestine friend Choi Soon-sil who are both in trials over bribery and power abuse charges.

“We will make our athletes shine under corporate sponsorship,” said Huh Chang-soo, FKI chairman. Prime Minister Lee Nak-yon attended the meeting to thank corporate commitment to the winter competitions, the first major international sports event Korea is hosting after the 1988 Seoul Olympics and 2002 World Cup jointly held with Japan.

Lotte Group Chairman Shin Dong-bin as chairman of the Korea Ski Association since 2014 has been putting efforts to upgrade ski environment. As the head of the Korea Ice Hockey Association, Halla Group Chairman Chung Mong-won recruited foreign coaches and players to strengthen the national team. Shinsegae Group supports curling, KT and Hana Financial luge, Hyundai Motor and Posco Daewoo bobsleigh and skeleton, SK Telecom speed skating and LG Electronics ice hockey and skeleton.

Samsung Electronics has donated electronic gadgets like smartphones, tablet PCs and notebook computers while Hyundai Motors supplies a fleet of 4,000 vehicles at the Olympics venues.

Korean Air sponsored in air tickets and shipping of equipment. Hanwha sponsors Olympic torch relay and fireworks.

Prime Minister Lee Nak-yon, FKI Chairman Huh Chang-soo, 2018 PyeongChang Winter Olympics Organizing Committee President & CEO Lee Hee-beom, Lotte Group Chairman Shin Dong-bin, and other business leaders were at the event.

By Kang Doo-soon and Lee Ha-yeon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Jan. 11, 2018)

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