Tongil Group ( ko, 통일그룹) is a Korean business group (
chaebol
A chaebol (, ; ) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group whose power over the group often exc ...
) associated with the
Unification Church (UC). (“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 (; born Yong Myung Moon; 6 January 1920 – 3 September 2012) was a Korean religious leader, also known for his business ventures and support for conservative political causes. A messiah claimant, he was the founder of the Unif ...
(following the purchase of a surplus Japanese
lathe
A lathe () is a machine tool that rotates a workpiece about an axis of rotation to perform various operations such as cutting, sanding, knurling, drilling, deformation, facing, and turning, with tools that are applied to the workpiece to c ...
in 1962
[ page 151.]) as a
nonprofit
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...
organization which would provide revenue for the UC. 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, officially the Democratic People's Republic of Korea (DPRK), is a country in East Asia. It constitutes the northern half of the Korea, Korean Peninsula and shares borders with China and Russia to the north, at the Yalu River, Y ...
, 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
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1 ...
. By 2004 it was losing money and was $3.6 billion in debt. In 2005 Moon’s son,
Kook-jin Justin Moon (founder of
Kahr Arms Kahr () is a German surname. Notable people with the surname include:
* Andrew Kahr, executive
* Claudia Kahr (b 1955), Austrian judge
* Gustav Ritter von Kahr (1862–1934), German politician
See also
* KAHR, radio station
* Kahr Arms, manufa ...
) was appointed chairman of Tongil Group.
As of 2010 he was 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; and
Tongil Heavy Industries, machine parts including hardware for the
South Korean military
The Republic of Korea Armed Forces (), also known as the ROK Armed Forces, are the armed forces of South Korea. The ROK Armed Forces is one of the largest and most powerful standing armed forces in the world with a reported personnel strength o ...
.
The Tongil Group funds the Tongil Foundation which finances about 20 religious and educational institutions, including the
Sun Moon University, and the
Little Angels Children’s Folk Ballet of Korea
The Little Angels Children’s Folk Ballet of Korea is a Korean traditional art and dance troupe made up of elementary and middle school children, founded in 1962 by Sun Myung Moon, the founder of the Unification Church, to project a positive ima ...
. And it donates to the UC, how much and whether by personal or corporate channels, is not public.
References
External links
Tongil Group- Official Website
Interviewwith Kook Jin Moon on Tongil Group's future in the ''
JoongAng Daily''
Interviewwith Kook Jin Moon in the ''
Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
''
{{Unification Church
Unification Church affiliated organizations
Chaebol
Conglomerate companies established in 1963
Conglomerate companies of South Korea