Back in late March, the Euljiro Committee, a group that mediates industrial disputes and works to protect workers' rights, visited the Bucheon city government, asking it to reexamine the land purchase contract with Shinsegae.
Instead of making reexamination, the city government pushed to finalize the contract. In contrast, however, it was not easy for Shinsegae to ignore the committee's request, particularly given that the status of the committee would likely to be greatly upgraded under the new administration.
The Euljiro Committee was founded in May 2013 by the now-ruling Minjoo Party with the goal of protecting subcontractors from contractors’ abuse of power. The role of this committee is expected to be expanded further during the new administration. The Minjoo Party's top priority in its drive to promote economic democratization is the upgrading of the status of this committee.
The Minjoo Party promised that it would develop the committee into a government-wide unit which would encompass a variety of government agencies, including the Prosecutors' Office, the National Police Agency, and the National Tax Service.
Once the committee is upgraded into a presidential committee, its role and power would likely to greatly expand.
The Public Officials Benefit Association (POBA) will select two global private credit managers to invest around $200 million in mezzanine debt via separately managed accounts (SMAs). POBA will allocate $100 million to each of two SMAs through two domestic investment&hellip
The Government Employees Pension Service (GEPS) will allocate $20 million to US dollar-denominated structured notes based on South Korean credit default swaps (CDS) and three-month US dollar LIBOR. It received proposals for the investment mandate by the afternoon of June 26.&hellip
Korea Investment Corporation (KIC) will open its third overseas office in Singapore as early as August in its push for alternative investments in Asia, according to a local newspaper report. The opening of a foreign office will come six years&hellip