A chaebol is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972.
The former headquarters of Hyundai in Seoul
Former headquarters of the defunct Daewoo Group, once the second-largest conglomerate in South Korea
South Korean President Park Geun-hye at a breakfast meeting with business magnates Lee Kun-hee and Chung Mong-koo
Chung Mong-joon or Chung Mong Joon is a South Korean businessman and politician. He is the sixth son of Chung Ju-yung, founder of Hyundai, the second-largest South Korean chaebol before its breakup in 2003. He remains the controlling shareholder of a Hyundai offshoot, Hyundai Heavy Industries Group, parent of the world's largest shipbuilding company. He is also the chairman of the board of the University of Ulsan and Ulsan College in Ulsan, South Korea. He is the founder and the honorary chairman of The Asan Institute for Policy Studies. He was Honorary Vice-president of FIFA and president of the South Korean football association.
Chung in 2008