A conglomerate of businesses, usually owned by a single family, especially in Korea.
A South Korean conglomerate. South Korean banks sometimes work on a buddy system, making unsound loans to companies just because they are associated with the same chaebol. A chaebol often is controlled by one family or a small group of families.
Origin of chaebol
From American Heritage Dictionary of the English Language, 5th Edition
- Late 20th century, from Korean ìž¬ë²Œ (jae-beol, “è²¡é–¥, jaebeol")