Nairobi, May 31 -- A chaebol is a large, family-owned business conglomerate in South Korea, typically made up of many affiliated companies across different industries. The word comes from the Korean terms chae (wealth) and bol (clan), reflecting the idea of a wealthy family group controlling diverse enterprises.

South Korea's chaebol families, specifically Samsung, LG, SK Group, and Hyundai, have built global empires that dominate electronics, automobiles, telecoms, energy, semiconductors, and heavy industry.

These four chaebols are believed to generate nearly half of South Korea's gross domestic product. Yet behind their success lies a complex story of succession disputes, inheritance battles, and governance reforms.

Unlike Western fa...