This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
KT&G Corp is a South Korean tobacco company whose primary business is the manufacture and sale of cigarettes, heated tobacco products, and e-cigarettes. In 2025, the company reported annual revenue exceeding KRW 6 trillion (approximately USD 4.5 billion), with operating profit surpassing KRW 1.3 trillion. Its core product lines include traditional combustible cigarettes and next-generation tobacco products like its "lil" heated tobacco brand. The company holds a dominant position in the domestic Korean market and actively exports its tobacco products internationally.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.