Yulsan Group
 | |
| Type | Chaebol |
|---|---|
| Industry |
|
| Founded | June 17, 1975 |
| Defunct | 1979 |
| Fate | Dissolved |
| Headquarters | , South Korea |
| Divisions | List of divisions
|
Yulsan Group was a South Korean chaebol active from 1975 to 1979 and notable for the scandal surrounding its demise.
History
[edit]Foundation
[edit]Yulsan Group was founded on 17 June 1975 by Shin Sun-Ho as an exporter of construction materials.[1][2] Its first primary business was the export of building materials to the Middle East.[3]
Collapse
[edit]In 1978, Yulsan was convicted of violating Saudi Arabian law regarding the prohibition of wholesale or retail activities by foreigners, with the resulting fine causing severe damage to Yulsan's financial position.[2] In addition, the South Korean government enacted a ban on cement exports as an inflation reduction measure.[4]
Shin Sun-Ho was arrested on 4 April 1979 on charges of embezzlement and violations of the Foreign Exchange Control Act.[5] Shin was accused of faking documents in order to secure bank loans.[6] Furthermore, he was believed to have been assisted by influential members of the government.[7] Afterwards, the group was liquidated.[1]
Operations
[edit]The Yulsan Group largely operated in the fields of construction, hotels, and electronics.[8] It consisted of fourteen affiliated companies.[9][2]
References
[edit]- 1 2 Park, Hun Joo (2007-08-01). "Small Business' Place in the South Korean State–Society Relations". Asian Journal of Political Science. 15 (2): 195–218. doi:10.1080/02185370701511560. ISSN 0218-5377.
- 1 2 3 United States Joint Publications Research Service (1979-08-06). Korean Affairs Report No. 34. Internet Archive.
- ↑ Myong-sik, Kim (1978-07-31). "Man with unlimited business expectations". The Times. Korea Exports, VIII.
- ↑ Hallwood, Paul (1981). Oil, debt, and development : OPEC in the Third World. Internet Archive. London; Boston : Allen & Unwin. pp. 142–143. ISBN 978-0-04-382027-8.
- ↑ "률산 신선호씨구속". 매일경제 (in Korean). 1979-04-04. Retrieved 2025-12-28.
- ↑ Shim, Jae Hoon (1979-04-18). "Korea's Yulsan Scandal Unfolds". The New York Times. Section D, Page 1.
- ↑ Bun Woong Kim (1985-01-01). Administrative Dynamics and Development: The Korean Experience. Internet Archive. Kyobo. p. 27. ISBN 9781563243875.
- ↑ Utterstrom, Lennart (1979-05-04). "When a whizz-kid crashes". Birmingham Evening Mail. p. 19. Retrieved 2025-12-28.
- ↑ "율산산하기업 분산매각|부채 1,550억…다팔아도 모자라" [Yulsan Group's Subsidiaries Sold Off in Pieces Debt of 155 Billion Won... Even Selling Everything Won't Cover It]. 중앙일보 (in Korean). 1979-04-06. Retrieved 2025-12-29.
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