Conglomerate corporations

A chaebol (UK: CHAY-bəl, CHAY-bol, US: CHAY-bohl, JEB-əl; Korean: 재벌 [tɕɛbʌɭ] , lit. 'rich family' or 'financial clique') is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972. Chaebol have also played a significant role in South Korean politics. In 1988, a member of a chaebol family, Chung Mong-joon, president of Hyundai Heavy Industries, successfully ran for the National Assembly of South Korea. Other business leaders were also chosen to be members of the National Assembly through proportional representation. Hyundai has made efforts in the thawing of North Korean relations, despite some controversy. Many South Korean family-run chaebol have been criticised for low dividend payouts and other governance practices that favor controlling shareholders at the expense of ordinary investors.