There are now 64 conglomerates that fit the definition of a chaebol, according to South Korea’s Fair Trade Commission. The combined turnover of the five biggest chaebols is equal to about 45% of ...

The feud has broader implications for South Korea’s biggest companies, testing whether the powerful family-run conglomerates, known as chaebols, can coexist with Western-style corporate governance.

South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports.