Kim Sang-jo, the newly-appointed commissioner of the Fair Trade Commission, said in his press conference on May 17 that he will focus on preventing economic concentration of the nation's top-four chaebols namely Samsung, Hyundai Motor, SK, and LG.
Kim added, "I think the scope of the companies that will be controlled under the government's economic concentration restraint policy could be narrowed to the top-four business groups which account for about a half of the assets owned by the top-30 businesses in Korea."
He stressed, "For these business groups, the Fair Trade Commission will keep a strict stance when applying the law and regulation."
Kim has been called "conglomerate sniper." Starting from 2006, he has led civic group People’s Solidarity for Participatory Democracy with focus on chaebol reforms.
Cheongwadae officials said that the President Moon Jae-in appointed the head of the Fair Trade Commission earlier than the economic vice minister, indicating that he would actively carry out business group reform by giving more power to the commission.
The Construction Workers Mutual Aid Association (CWMAA) will acquire a language center building of the University of New South Wales (UNSW) in Sydney for A$71 million ($56 million), jointly with a South Korean insurance company. CWMAA, with $2.8 billion in&hellip
South Korean banks and institutional investors will provide $140 million in syndicated loans to a US gas-fired plant project in Pennsylvania, part of $460 million loans originated by BNP Paribas to build the power plant. Of the $140 million loans,&hellip
A consortium led by US investment firm Angelo, Gordon & Co. has been selected as a preferred buyer of a local bank’s building in Seoul, for which the New York-based company placed the highest bid among four bidding groups to&hellip