Daewoo is no longer a group

The Fair Trade Commission revealed July 24 that through a decision made July 19, Daewoo Group has been taken off the list of the top 30 Korean businesses.

Accordingly, Daewoo Corp. will be stripped of its corporate legal rights as a conglomerate, as all of its subsidiaries will be run independently.

The FTC explained that Daewoo Corp.`s complete liquidation of its 39% stake in its subsidiary Daewoo Development Corp. has led to DDC being spun off successfully from Daewoo Corp. As of now, Daewoo Corp. no longer has any subsidiaries under its control, which effectively makes it a non-corporate company as a single company cannot be considered a group.

Daewoo Corp., which was the main engine behind the Daewoo Group, was registered as the seventh largest conglomerates as of April this year with 13 trillion won in assets.