순환출자의 회사법적 문제점

Abstract

Last year Korea experienced a hot discussion on the problem of "circular ownership" in the wake of "economic democratization". The issue "circular ownership" was the utmost urgent and important. In Samsung or Hyundai Group in Korea, there are so many circular ownership relations that horizontally bind the companies each other. The chairman of these groups could be called as 'the Lord of the Rings'. It seems possible to analyze this issue with such a legal tool as the shareholders' duty of loyalty to the company itself and the other shareholders. The author points out that the circular ownership structure could only be legitimate, if the majority shareholder does do all this duty of loyalty and promote the value of his company.