The Fair Trade Commission (FTC) announced on the 28th that it had removed Kumho Asiana from the list of business groups subject to cross-shareholding restrictions and disclosure obligations as of the 27th.
This decision came after Korean Air completed its acquisition of Asiana Airlines in December last year, leading to a sharp decline in Kumho Asiana’s total assets.
Following the exclusion of Asiana Airlines and seven affiliated companies, Kumho Asiana’s total assets decreased to 3.43 trillion won, pushing the group out of the top 100 business rankings.
According to the enforcement decree of the Fair Trade Act, a business group may be delisted if its total assets fall below a certain threshold.
As a result of this exclusion, Kumho Asiana will no longer be subject to various large business regulations. Additionally, some of its affiliates may now qualify as small and medium-sized enterprises (SMEs), making them eligible for government support.
Meanwhile, Hanjin Group, which acquired Asiana Airlines, saw its business ranking rise from 14th to 12th place.
Kumho Asiana Group originated from Kumho Express, founded in 1946. It expanded significantly, acquiring Daewoo Engineering & Construction in 2006 and Korea Express in 2008, once reaching the 7th position in business rankings.
However, the group faced liquidity crises following the global financial downturn and gradually declined, eventually deciding to sell Asiana Airlines in 2019, effectively losing its status as a major conglomerate.
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Kumho Asiana Delisted as Large Business Group, Falls Out of Top 100
The Fair Trade Commission (FTC) announced on the 28th that it had removed Kumho Asiana from the list of business groups subject to cross-shareholding restricti
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