By Na Hyun-joon
Kim Sang-jo, a former critic of chabols now heading South Korea’s Fair Trade Commission (FTC), plans to meet with representatives of the nation’s four major conglomerates as soon as possible to brief the new administration’s policy on businesses and ask for their cooperation before the planned summit talks between President Moon Jae-in and his U.S. counterpart Donald Trump.
During a press conference on Monday, Kim told reporters that he will ask the Korean business leaders to willingly change their management styles in line with the expectations from the society and market during the meeting, adding that he is willing to engage in talks with companies to consider their individual situation.
“Chaebol is an important asset of the Korean economy,” he said adding that the government would appreciate it if companies set a good example.
Regarding the recent investigation on insider trading of large companies, he said that the FTC would not tolerate any form of irregular activities and take undiscriminating measures to companies big and small.
The nation’s antitrust watchdog has been studying the results of an investigation launched in March on insider transactions in 45 large companies. A wider-range of investigation on large firms’ exploitation or power abuse on subcontractors or smaller partnered firms has also been underway, Kim said.