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(LEAD) Top five conglomerates found to have shell companies.

YON - Yonhap News Agency of Korea

| October 30, 2005 | COPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SEOUL, Oct. 30 (Yonhap) -- South Korea's five largest conglomerates are operating shell companies, the head of the nation's antitrust agency said Sunday. "The big five conglomerates were found to have been operating bogus companies through our on-the-spot investigation of 110 affiliates of 33 conglomerates," said Kang Chul-kyu, chairman of the Fair Trade Commission, said in an interview with Seoul Shinmun.

The big five include Samsung and Hyundai Motor, South Korea's largest and second-largest conglomerates, respectively. The commission will warn or charge…

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Source: HighBeam Research, (LEAD) Top five conglomerates found to have shell companies.

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