Tongil Group
Encyclopedia
Tongil Group is a South Korean business group (chaebol
) associated with the Unification Church
. (“Tongil” is Korean for “unification,” the name of the Unification Church in Korean is “Tongilgyo.”) It was founded in 1963 by Unification Church founder Sun Myung Moon
as a nonprofit organization which would provide revenue for the church. Its core focus was manufacturing but in the 1970s and 1980s it expanded by founding or acquiring businesses in pharmaceuticals, tourism, and publishing.
In 1998 Tongil Group was about 35th in size among South Korean business groups and was in the process of expanding into North Korea
, with the blessing of the South Korean government which had previously forbidden relationships between North Korea and South Korean businesses.
In the 1990s Tongil Group suffered as a result of the 1997 Asian Financial Crisis. By 2004 it was losing money and was $3.6 billion in debt. In 2005 Sun Myung Moon’s son, Kook-jin Moon
was appointed chairman of Tongil Group. As of 2010 he is in the process of reforming its businesses by hiring new managers and by closing unprofitable operations. Among Tongil Group’s chief holdings are: The Ilwha Company, which produces ginseng
and related products; Ilshin Stone, building materials; Tongil Heavy Industries, machine parts including hardware for the South Korean military; and Segye Ilbo, newspaper. The Tongil Group funds the Tongil Foundation which supports Unification Church projects including schools and the Little Angels Children’s Folk Ballet of Korea.
Chaebol
Chaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...
) associated with the Unification Church
Unification Church
The Unification Church is a new religious movement founded by Korean religious leader Sun Myung Moon. In 1954, the Unification Church was formally and legally established in Seoul, South Korea, as The Holy Spirit Association for the Unification of World Christianity . In 1994, Moon gave the church...
. (“Tongil” is Korean for “unification,” the name of the Unification Church in Korean is “Tongilgyo.”) It was founded in 1963 by Unification Church founder Sun Myung Moon
Sun Myung Moon
Sun Myung Moon is the Korean founder and leader of the worldwide Unification Church. He is also the founder of many other organizations and projects...
as a nonprofit organization which would provide revenue for the church. Its core focus was manufacturing but in the 1970s and 1980s it expanded by founding or acquiring businesses in pharmaceuticals, tourism, and publishing.
In 1998 Tongil Group was about 35th in size among South Korean business groups and was in the process of expanding into North Korea
North Korea
The Democratic People’s Republic of Korea , , is a country in East Asia, occupying the northern half of the Korean Peninsula. Its capital and largest city is Pyongyang. The Korean Demilitarized Zone serves as the buffer zone between North Korea and South Korea...
, with the blessing of the South Korean government which had previously forbidden relationships between North Korea and South Korean businesses.
In the 1990s Tongil Group suffered as a result of the 1997 Asian Financial Crisis. By 2004 it was losing money and was $3.6 billion in debt. In 2005 Sun Myung Moon’s son, Kook-jin Moon
Kook Jin Moon
Moon Kook-Jin, also known as Justin Moon, is a firearms designer and businessman. He owns and operates Kahr Arms, a U.S. small arms manufacturing company and subsidiary of Saeilo, a company controlled by his father, Sun Myung Moon...
was appointed chairman of Tongil Group. As of 2010 he is in the process of reforming its businesses by hiring new managers and by closing unprofitable operations. Among Tongil Group’s chief holdings are: The Ilwha Company, which produces ginseng
Ginseng
Ginseng is any one of eleven species of slow-growing perennial plants with fleshy roots, belonging to the genus Panax of the family Araliaceae....
and related products; Ilshin Stone, building materials; Tongil Heavy Industries, machine parts including hardware for the South Korean military; and Segye Ilbo, newspaper. The Tongil Group funds the Tongil Foundation which supports Unification Church projects including schools and the Little Angels Children’s Folk Ballet of Korea.
External links
- Tongil Group - Official Website
- Interview with Kook Jin Moon on Tongil Group's future in the JoongAng Daily
- Interview with Kook Jin Moon in the Wall Street Journal