FKI Announces Kang Shin-ho Accepts Seat of Acting Chief

The Federation of Korean Industries (FKI) announced on November 12 that Kang Shin-ho (76), the chairman of Dong A Pharmaceutical Co, has taken the seat of FKI’s acting chief.

After Sohn Gil-seung, the chairman of the SK Group, stepped down from his position, Kang turned down the repeated requests by FKI that he take over the chair, citing physical ailment. FKI appealed to the provision that “if the chief abruptly abdicates, the eldest member shall take over as acting chief.”

FKI stated on that on November 12, after Kang was asked by the FKI board of directors, including vice Chief Hyun Myung-kwan, to take the chair, he finally accepted. However, Kang himself has been silent so far on the subject.

FKI announced, “Acting chief Kang accepted our request, saying ‘The situation with which FKI is faced can no longer be ignored.’” According to an FKI spokesperson, Kang also remarked that “the problems of our economic world, such as investigations into political contributions, should be sorted out calmly and with ease. I will do my best to make peace in our political world.”

FKI has been adrift ever since former chairman Sohn, of the SK Group, stepped down from his seat as chief due to controversy over the SK secret funds case. The economic world has been saddled with problems since prosecutors started investigations of illegal presidential campaign contributions, so the new role Kang has adopted as acting chief has attracted a great deal of public interest.

Jong sik Kong kong@donga.com