New anti-trust watchdog head rules out unreasonable chaebol reform

By Park Sae-jin Posted : June 14, 2017, 15:23 Updated : June 14, 2017, 15:23

[Aju News DB]


The new head of South Korea's anti-trust watchdog vowed to work hard for stopping unfair business activities by top conglomerates but ruled out any unreasonable and hasty measures amid widespread business concerns over his anti-conglomerate crusade.

Kim Sang-jo, designated by President Moon Jae-in as an advance guard for reforming South Korea's family-run conglomerates known as chaebol, took office Wednesday as chairman of the Fair Trade Commission (FTC) despite bitter protests by conservative opposition legislators.

"Based on a sophisticated survey, reasonable measures will be worked out to reform chaebol in a predictable way without haste," Kim said in his inauguration speech.

While serving as a Hansung University economics professor, Kim, 55, has spearheaded a civic campaign to end chaebol's unfair business practices. He has urged chaebol to enhance corporate governance, protect the interests of minority shareholders, and reduce their dominant role in South Korea's economy.

As FTC head, Kim has said he would put Samsung, Hyundai Motor, SK and LG groups under strict surveillance as part of efforts to restrain their economic concentration. Moon has described chaebol's unfair business practices as "old evils" that should be eradicated.

Lim Chang-won = cwlim34@ajunews.com

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