Business as usual for South Korea's chaebol under Park
SEOUL (REUTERS) - A Park will be back in South Korea's presidential mansion come February, and the big businesses, or chaebol, that dominate the country's economy will be breathing a sigh of relief that her left-wing challenger did not win Wednesday's presidential vote.
Victory for Ms Park Geun Hye, the 60-year old daughter of South Korea's former military ruler, in the election means the top chaebol - five of whom control assets worth 57 per cent of gross domestic product in the world's 14th largest economy - can get back to the business of making money.
Ms Park's left-wing challenger had threatened to end the complex web of shareholdings that enable families to control sprawling conglomerates like Samsung Group and Hyundai Motor.
The election came at a sensitive time for Samsung and Hyundai as both are in the process of passing power to a third generation of their family owners, a process that left-wing candidate Moon Jae In could have complicated with an attack on their shareholdings, had he won.