Chaebol Reform

[Anchor Lead]

The nomination of a chaebol reform advocate for the post of Fair Trade Commission chief has drawn attention for his pledge to restructure the chaebol. Here’s more about nominee Kim Sang-jo.

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The nominee for the chairman of the FairTrade Commission post, Kim Sang-jo, has vowed to focus on the nation's top-four conglomerates while restructuring the chaebol system. He says he will apply stricter measures to the top-four conglomerates, because they account for two-thirds of the country's 30 largest corporations' total assets.

[Soundbite] Kim Sang-jo(Nominee for Fair Trade Commission chairman) : "The current regulations are not effective for the top-four groups but are too harsh on the smaller corporations."

However, Kim stressed that his reforms are based on realistic circumstances. Kim denied he had ever mentioned the dissolution of conglomerates, and that the senstive issue of cross-shareholding resolution, was not a priority. Kim said his initial goal is to solve issues related to improving the lives of ordinary people.

[Soundbite] Kim Sang-jo(Nominee for Fair Trade Commission chairman) : "By re-establishing a fair market order, I will create better and more job opportunities for ordinary people."

While Kim's nomination has triggered tensions in the business community, he has also vowed to restore the Investigative Unit into the Business Group Bureau to strengthen probes into unfair trade.