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Business

South Korea's corporate giants face reckoning over outsize influence

Top five business groups control 60% of country's economy

SEOUL -- Two decades after the Asian financial crisis rattled South Korea's conglomerates, the sprawling groups face a public frustrated by growing economic inequality and a president, Moon Jae-in, who has promised to undertake sweeping reforms.

When officials from the country's top five conglomerates -- Samsung, Hyundai Motor, SK, LG and Lotte -- went before the Korea Fair Trade Commission Nov. 2 to report on progress toward a host of reforms, commission head Kim Sang-jo issued a sweeping demand: "More effort."

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