April 25, 2024
Economy
FTC to unveil corporate list for mandatory disclosure
[THE INVESTOR] Korea’s corporate watchdog said on April 24 that it will announce a list of companies obliged to disclose their corporate information later this year to boost transparency.
The Fair Trade Commission said the Cabinet has approved a plan to put businesses with assets of 5 trillion won (US$4.40 billion) or more under a new watch list for mandatory filings.
The list of companies subject to the new rules comes as the watchdog revised the fair trade law last year on affiliates of large business groups. Under the revised law, affiliates of large conglomerates with assets exceeding 10 trillion won are restricted from making equity investments among them or offering loan guarantees to each other. Previously, the minimum asset ceiling was set at 5 trillion won.
The mandatory filings system is also aimed at paving the way for local midsized business groups to conduct more activities through expanding new businesses, the corporate watchdog said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The Fair Trade Commission said the Cabinet has approved a plan to put businesses with assets of 5 trillion won (US$4.40 billion) or more under a new watch list for mandatory filings.
The list of companies subject to the new rules comes as the watchdog revised the fair trade law last year on affiliates of large business groups. Under the revised law, affiliates of large conglomerates with assets exceeding 10 trillion won are restricted from making equity investments among them or offering loan guarantees to each other. Previously, the minimum asset ceiling was set at 5 trillion won.
The mandatory filings system is also aimed at paving the way for local midsized business groups to conduct more activities through expanding new businesses, the corporate watchdog said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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