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Korea's 'chaebol sniper' says family bosses should yield to pros

Antitrust watchdog finds corporate heirs lacking the drive of founders

Fair Trade Commission Chairman Kim Sang-jo speaks to the Nikkei Asian Review in Sejong, South Korea. (Photo by Sotaro Suzuki)

SEJONG, South Korea -- South Korea's antitrust chief has accused the country's powerful family-run conglomerates, or chaebol, of preferring to preserve their power over the economy rather than bring in professional management and drive their businesses forward through innovation.

The current generation of chaebol leaders "have lost the aggressive entrepreneurship that was shown by the generations of their founding grandfathers and fathers," said Fair Trade Commission Chairman Kim Sang-jo in a recent interview with the Nikkei Asian Review in his office in the Sejong administrative center.

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