Assemblyman Chae I-bae: "No KT Favoritism... Will Oppose Amendment to Inbaeng Act"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Representative Chae E-bae of the Legislation and Judiciary Committee (Minsaeng Party) clearly stated his opposition to the passage of the amendment to the Special Act on Internet-Only Banks, calling it a "special privilege legislation only for KT."

On the 4th, Representative Chae held a press briefing before the Legislation and Judiciary Committee session and expressed his opposition to the amendment, saying, "We cannot allow all violators of the Fair Trade Act to become major shareholders of banks just to favor KT."

Representative Chae explained, "KT committed a serious violation of the Fair Trade Act by colluding, which makes it impossible for them to become a major shareholder of K Bank. According to current law, anyone who has violated financial laws, the Fair Trade Act, tax evasion laws, or the Act on the Aggravated Punishment of Specific Economic Crimes within the past five years cannot become a major shareholder of an internet-only bank." He added, "Simply put, we cannot entrust the people's money to those who steal, commit fraud, disrupt fair market competition, or deceive the state to avoid paying taxes."

Representative Chae stated, "However, the amendment was proposed suggesting that IT companies should be excused even if they commit illegal acts due to the possibility of regulatory violations," and added, "This amendment clearly reveals its true intention as a law revision solely for KT, and I absolutely cannot agree with the current amendment."

This content was produced with the assistance of AI translation services.