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This is a case study for understanding what happened to firms vested to the Korean government or the United States Military Administration after the liberation of Korea from Japan. The firm selected as a case for this paper is Buri Heung-up Company which was an agricultural subsidiary to the Chosun Industrial Bank(CIB). This case is important to examine in two aspects. First, this case gives us a clear picture of how the government-vested properties of firms that had been launched with their head offices residing in Korea before the liberation were managed, disposed and liquidated in the legal process after the liberation, which has not been explored in depth by scholars in this field. Secondly, it helps us much in understanding the dismantling process of the corporate hierarchical structure consisting of CIB as a holding company, Sung Up Sa as a CIB's daughter firm and Buri Heung-up Company as a CIB's granddaughter one.