SEOUL, The number of subsidiaries belonging to the country’s top five conglomerates more than doubled in the past 16 years, a civic group said Tuesday.

The Citizens’ Coalition for Economic Justice disclosed the finding in a press conference in Seoul after analyzing related data of the country’s five largest family-owned groups: Samsung, SK, Hyundai Motor, LG and Lotte.

The five groups had a total of 504 subsidiaries as of 2023, which is 2.22 times more than the 227 they had in 2007, according to the civic organization.

Among the five groups, SK saw the largest increase in subsidiaries with 158 during the period, followed by Lotte with 55, LG with 31, Hyundai with 28 and Samsung with five.

Lotte owned the most real estate-related subsidiaries with 19 while Samsung had the most finance-related affiliates, including insurance and securities firms, with 16.

The civic group argued that continued economic concentration among a few conglomerates could hinder the country’s ability to achieve sustainable develop
ment through technological innovation or market invigoration, calling for reform.

Source: Yonhap News Agency