April 19, 2024

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[THE INVESTOR] The government is reviewing the legal process of dissolving the Federation of Korean Industries, a local daily reported on Dec. 13.

According to the report, the government is reviewing laws concerning the dissolution of the lobby group, and may take action should the FKI fail to take measures on its own accord by February. 

The FKI has been linked to a number of political scandals since its foundation in 1961, and has been implicated in the developments that led to the National Assembly approving the motion to impeach President Park Geun-hye.

Due to its alleged involvement in the scandal, civic groups and opposition parties have called for the FKI to be disbanded. A number of conglomerates have since stated that they will leave the organization.

Under the Civil Act, relevant government agencies can cancel an organization’s incorporation permit if it is deemed that it is in violation of the conditions of the permit. The permit can also be revoked if an organization is found to have engaged in actions harming public interest.

The act also stipulates that organizations such as the FKI may be dissolved if its objectives have been achieved, or if they are deemed impossible.

By Choi He-suk (cheesuk@heraldcorp.com)