A Chaebol Charges Toward The Top

In August, 1992, Chey Jong-Hyun, chairman of South Korea's Sunkyong group, beat four other conglomerates and won a license to start the nation's second cellular-phone company. Chey, whose products range from petrochemicals to videotape, had spent millions of dollars and worked more than two years with America's GTE Corp. and Britain's Vodafone Group PLC to design a new cellular network that would compete against the government-owned monopoly.

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