Published : Sept. 6, 2016 - 10:57
[THE INVESTOR] Blank golf memberships are losing their attraction as companies get ready for the Improper Solicitation and Graft Act that goes into effect on Sept. 28.
Blank memberships are just as they are called -- golf club memberships that don’t come with nametags. They are usually bought by companies to entertain guests and buyers.
The market for blank memberships, which can cost up to 400 million won (US$357,759), has been declining since 2008, in the wake of the financial crisis that forced companies to tighten their purse strings.
As a result, many golf clubs decided to eliminate memberships altogether.
Now, many fear that the golf market will contract beyond recognition in the wake of the anti-graft law, which bans any kind of entertainment exceeding the set monetary ceiling.
Under the new law, local civil servants, elected officials, journalists and officials of private educational institutions must soon abide by this new discipline: They cannot receive free meals that cost more than 30,000 won ($27), presents worth above 50,000 won and monetary gifts valued 100,000 won or higher.
The cost for a single person playing golf easily exceeds 100,000 won.
BY Kim Ji-hyun (
jemmie@heraldcorp.com)