April 26, 2024
Economy
FTC to review operations of 4 major conglomerates
[THE INVESTOR] The nominee to head Korea’s antitrust watchdog pledged on May 18 to scrutinize the operations of four major conglomerates.
“I will assess issues related to the four major groups in a more thorough manner when the Fair Trade Commission implements laws,” Kim Sang-jo, an economics professor from Seoul’s Hansung University, said in a news conference.
The four include Samsung, Hyundai Motor, SK and LG groups that account for two-thirds of assets held by the top 30 conglomerates.
Kim also warned chaebol against “breaking laws” and asked them to take into account market expectations on business practices and corporate governance.
When asked about ending cross-shareholding arrangements, Kim said the issue is not a top priority as the practice has been cut dramatically in recent years.
By Alex Lee and newswires (alexlee@heraldcorp.com)
“I will assess issues related to the four major groups in a more thorough manner when the Fair Trade Commission implements laws,” Kim Sang-jo, an economics professor from Seoul’s Hansung University, said in a news conference.
The four include Samsung, Hyundai Motor, SK and LG groups that account for two-thirds of assets held by the top 30 conglomerates.
Kim also warned chaebol against “breaking laws” and asked them to take into account market expectations on business practices and corporate governance.
When asked about ending cross-shareholding arrangements, Kim said the issue is not a top priority as the practice has been cut dramatically in recent years.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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