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'Chaebol' owners still pull strings from backstage

Samsung C&T approved a merger with fellow Samsung group company Cheil Industries at an extraordinary shareholder meeting in July 2015.

SEOUL -- Despite some moves toward reform, opaque management practices are still rampant among major South Korean conglomerates, with many owners continuing to wield enormous influence from behind the scenes.

     Owners of South Korean conglomerates, or chaebols, are not held responsible for management decisions under the country's commercial law, making it difficult for shareholders to punish them for mistakes.

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