This article was displayed on the ChosunBiz RM Report website at 2 p.m. on Sep. 8, 2026.
It was found that overseas affiliates in which a large conglomerate Oner family holds 20% or more equity increased by 33% over the past three years. During the same period, total affiliates rose by 7%, meaning the growth rate of overseas affiliates was nearly five times higher.
Why does the Oner family prefer overseas affiliates? An analysis says it has much to do with the fact that the Fair Trade Act excludes overseas affiliates from regulations on unfair support, such as funneling work to large conglomerates.
◇ Hyundai Motor, Lotte, Kolon, Eugene add overseas affiliates
This year, six large conglomerates reported adding overseas affiliates in which the Oner family's equity stake is 20% or more. ▲Hyundai Motor Group "TRINION ENTERPRISE" ▲Lotte "TOMODE BASE" ▲Kolon "SINB USA" ▲Eugene "Thousand sunny" ▲Toss "Toss USA" ▲Iljin Global "Wyseson Company."
Hyundai Motor Group's U.S. affiliate "TRINION ENTERPRISE" is a logistics company in which Chung Eui-sun's cousin Jung Moon-sun holds 56.91% equity. Also, Lotte's "TOMODE BASE" is said to be a Japanese entertainment company established in Jan. this year by Ishii Tomohiro, a former Japanese announcer and the son-in-law of Shin Dong-bin.
Kolon's U.S. design company "SINB USA" was found to have 20.18% equity held by Honorary Chairman Lee Woong-yeol. After establishing the company in 2019 and holding equity through another company, Lee is analyzed to have directly acquired the shares this time.
Eugene Group's Japanese subsidiary "Thousand sunny" is said to be 100% owned by President Yoo Seok-hun. The company said it was "a corporation established to pursue new business in Japan."
Toss's U.S. entity "Toss USA" reported that founder CEO Lee Seung-gun holds 51% equity. The company was established in 2022 to recruit talent in the United States, among other purposes.
Iljin Global's U.S. affiliate "Wyseson Company" said Chairman Lee Dong-seop, the second-generation founder, and his son Lee Ki-ryun hold 51% and 49% equity, respectively. The company is said to be a private investment firm.
◇ Overseas affiliates with 20% or more Oner family equity are not subject to unfair support regulation
Under the Fair Trade Act, domestic affiliates in which the Oner family holds 20% or more equity are prohibited from acts such as unfairly supporting other affiliates. If unfair support is found, the Korea Fair Trade Commission (FTC) can impose a penalty surcharge of up to 10% of the related sales on corporations and file criminal complaints against the company and the Oner individually. If criminal charges are proven, they can also face criminal punishment of up to three years in prison or a fine of up to 200 million won.
However, overseas affiliates, which are not domestic affiliates, do not face penalty surcharges or criminal punishment for unfair support even if the Oner family holds 20% or more equity. It is said this is because, in reality, law enforcement on overseas affiliates is difficult.
On this, an official at the Korea Fair Trade Commission (FTC) said, "Overseas affiliates are not currently included in the scope of unfair support regulation, but we are seeking to keep the Oner family's concentration of control in check by imposing disclosure obligations."
Meanwhile, according to the Korea Fair Trade Commission's "Status of stock ownership of companies subject to disclosure, 2023–2026," as of this year, conglomerates where an individual is the same person (a de facto owner who controls multiple affiliates) have 3,293 affiliates. Among them, overseas affiliates in which the Oner family holds 20% equity number 57. The number of such affiliates has steadily increased: ▲43 in 2023 ▲49 in 2024 ▲55 in 2025.