[Invitation seat] "Going further in the chaebol reform…Reducing the blind spot for self-interest regulation"

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3rd Fair Economy Act recently passed the National Assembly to prevent the abuse of unfair economic power by large corporations.

Today (17th), I will take the chairman of the Fair Trade Commission Cho Sung-wook to find out what will change with this law.

[Cho Seong-wook/Chairman of Fair Trade Commission: According to our Fair Trade Act, new information on chaebol reform is included.

The reform of the chaebol was to prevent private interests.

There were many efforts to avoid that because companies knew the standards that were applied to self-interest before that.

I will tell you that we have taken a little step forward in terms of reducing the blind spots of regulation that were occurring due to such efforts to avoid such efforts.]

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[Cho Seong-wook/Chairman of Fair Trade Commission: Yes, it is.

So, until then, in reality, so even if we pursue some private interests of major shareholders, if we look at what we actually regulate, we must have a stake of 30% or more in a listed company or 20% in a non-listed company. It's possible.

When it was set in such a number, there were many efforts to evade such regulations.

So, this time we cut this 30% down to 20%, both publicly traded and unlisted companies, all equally.

And another one was through companies that owned 50% or more of their subsidiaries, and I tried to avoid them.

[Sungwook Cho/Chairman of Fair Trade Commission: I can't say anything because it was decided by the National Assembly, but this is what we know.

Even in the National Assembly, we listen to the opinions of many people in the process of actually discussing and deciding before passing such a bill.

Especially, it is said that small and medium-sized businesses have said that.

From start to finish, the most serious objection was the abolition of exclusive accusations.

So, I reflected the concerns of SMEs about the abolition of exclusive accusations.

On the other hand, there was a way to take this problem and alleviate the problem that comes with it.

That's what the prosecution, small and medium-sized businesses, the Public Procurement Service, and auditors have.

If we do not file a complaint enough, you can request a complaint from us here.

So, this is usually called the compulsory complaint request system, but it has already been introduced and activated. I think this is the result of the consideration together.]

[Cho Seong-wook/Chairman of Fair Trade Commission: From a corporate standpoint, I will tell you that normal trading is not subject to our regulation.

In addition, the lowering of ownership of subsidiaries owned by holding companies or subsidiaries or subsidiaries that companies are talking about does not apply to companies that have already converted to holding companies.

This is only applicable to those companies that are newly converting to holding companies.]

[Cho Seong-wook/Chairman of Fair Trade Commission: There are various unfair issues in the online platform.

There is a problem that occurs between platform operators and vendors, and there is such a problem that occurs between the platform and consumers in the platform.

I would like to say that the part that we want to approach with more emphasis is on the fair economy in the online platform.]