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Watch | Youtube Data API V3Anti-trust watchdog head announces new strategy to reform chaebols

ARIRANG NEWSShared publicly - 2017-06-19T14:20:47.000Z

Anti-trust watchdog head announces new strategy to reform chaebols


김상조 "4대그룹과 만남 추진…45대 대기업 내부거래 조사 Korea's antitrust watchdog is focused on reforming the country's powerful family-run conglomerates, known as chaebol.Kim Ji-yeon zooms in on the FTC's plan to ensure greater transparency and root out self-dealing. The new chairman of the Fair Trade Commission Kim Sang-jo , outlined the agency's policy focus, standards, and guidelines... and said it will establish short, mid and long-term goals... based upon three criteria: the gravity of the issue, urgency, and whether the case would require legislative approval. Kim says the antitrust watchdog will first seek public consensus on the matter... which means it may take a case-by-case approach... to look into suspected unfair business practices by chaebols. It says it's currently examining some 45 chaebol-related cases to determine which to focus on first. He said the commission will actively seek cooperation with related ministries,... which may take time since some cabinet positions still haven't been filled. The Fair Trade Commission is also expected to undergo a reshuffle. Details on that will be announced by the end of July.The FTC chief said he will meet with the representatives of the top four conglomerates namely Samsung, Hyundai Motor, SK and LG Group... to open a channel of communication... but added this does not mean that it will focus solely on them. He said regardless of their size, companies will be punished for unfair business practices and also emphasized the need to look into the relationship between chaebols and their subcontractors.Kim Ji-yeon, Arirang News.

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