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.
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