Hyundai Motor Group becomes first to pay FKI membership fees

Hyundai Motor Group CI

Hyundai Motor Group has become the first of South Korea’s four major conglomerates to pay membership fees to the Federation of Korean Industries (FKI), a business lobby group.

Other conglomerates – Samsung, SK, and LG – are considering their payments.

According to sources from the conglomerate circle on Monday, Hyundai Motor Group has recently paid its membership fee to the FKI. The fee is known to be about 3.5 billion won ($2.5 billion).

The FKI members under Hyundai Motor Group are Hyundai Motor Co., Kia Corp., Hyundai Engineering & Construction Co., Hyundai Mobis, and Hyundai Steel Co.

Hyundai Motor Group, along with Samsung, SK, and LG, rejoined the FKI in August last year but did not pay membership dues.

In April, the business lobby group asked the conglomerates to pay dues of about 3.5 billion won each.

SK Group is expected to pay its dues soon following a board meeting of its affiliates. LG Group is conducting an internal review to determine the timing of its payment.

Meanwhile, Samsung Group‘s compliance committee held a regular meeting but did not decide on whether to pay the dues.