Tongyang Group

Tongyang Group
Korean name
Hangul
Hanja
東洋그룹
Revised RomanizationDongyang Geurup
McCune–ReischauerTongyang Kŭrup

The Tongyang Group, also spelled Tong Yang Group, is a South Korean conglomerate founded in 1957 by Lee Yang-gu, a confectionery businessman who had decided to expand into the cement industry. Over the following decades it expanded to include holdings as diverse as financial services companies and a basketball team. As of September 2013, it was the country's 38th-largest conglomerate, but that month it defaulted on its debt due to cash flow issues, and looked to sell off key subsidiaries to raise funds.[1][2] In January 2014, group chairman Hyun Jae-hyun and three other senior executives were arrested on charges including fraud and malpractice in issuance and sales of financial products.[3]

  1. ^ "Crisis Of Tong Yang Group: Money-strapped Group Belatedly Eager to Sell Key Subsidiaries". Business Korea. 26 September 2013. Retrieved 15 January 2014.
  2. ^ "Crisis Of Tong Yang Group: Korea's 38th-largest Conglomerate on Brink of Bankruptcy". Business Korea. 31 October 2013. Retrieved 15 January 2014.
  3. ^ "Tong Yang chief arrested for fraud". The Korea Herald. 14 January 2014. Retrieved 15 January 2014.