Vice Minister of Economy and Finance: "No Corporate Restructuring TF within Government... Weekly Issue Management"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, First Vice Minister of the Ministry of Economy and Finance, said on the 19th, "I heard a rumor that a separate task force (TF) for urgent corporate restructuring has been formed within the government to respond, but that rumor is completely untrue."

At the regular briefing of the 7th Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office on the same day, Vice Minister Kim stated, "Since the Moon Jae-in administration came into power, there has been an Industrial Competitiveness Related Ministers' Meeting regarding urgent corporate restructuring." He added, "Apart from the restructuring working-level consultative body that supports the Industrial Competitiveness Related Ministers' Meeting, there is absolutely no separate consultative body."

Regarding the restructuring working-level consultative body, he said, "I chair the working-level consultative body, which includes vice ministers from related ministries such as the Financial Services Commission, Ministry of Trade, Industry and Energy, Ministry of Land, Infrastructure and Transport, and Ministry of Oceans and Fisheries." He also stated, "Financial supervisory authorities, including creditor financial institutions such as the Korea Development Bank and the Export-Import Bank of Korea, participate as well."

Vice Minister Kim cited three major principles of restructuring: responsibility of major shareholders, sharing of pain by stakeholders, and preparation of sustainable management rehabilitation plans. He added, "In addition, we discuss restructuring issues considering industrial competitiveness, employment, and regional economic impact."

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