New Fair Trade Commission Secretary-General Appointed: Shin Bong-sam, the 'Chaebol Sniper' Director

by Moon Chaeseok

Published 28 Aug.2020 17:37(KST)

Fair Trade Commission "Will Fulfill Its Role in Establishing a Market Economy with Correct Principles"

Shin Bong-sam, the new Secretary General of the Korea Fair Trade Commission. (Photo by Korea Fair Trade Commission)

[Asia Economy Reporter Moon Chaeseok] The Fair Trade Commission announced on the 28th that it appointed Shin Bongsam, head of the Competition Policy Bureau known as the "chaebol sniper," as the new Secretary-General effective the 31st.

The Secretary-General oversees and supervises all Fair Trade Commission cases. They handle everything from case reception to investigation, then submit the review report (equivalent to a prosecutor's indictment) to the commission for a decision on sanctions.

Secretary-General Shin graduated from Seoul National University with a degree in Economics in 1993 and entered public service after passing the 35th Administrative Examination. He has served as head of the Corporate Group Bureau, head of the Market Surveillance Bureau, and spokesperson at the Fair Trade Commission.

He is well known for being the inaugural head of the Corporate Group Bureau, established in September 2017. This bureau played a leading role in chaebol reform during the Moon Jae-in administration.

At that time, the bureau was created by Kim Sangjo, then chairman and Blue House Chief of Policy Staff, to strengthen monitoring and sanctions against unfair practices by large corporations such as preferential treatment of affiliated companies.

As the first head of the Corporate Group Bureau, Shin is credited with establishing the organizational framework by formulating comprehensive reform plans for large corporate groups and promoting the eradication of preferential treatment.

Since January, he has served as head of the Competition Policy Bureau, overseeing the Fair Trade Commission's operations. His key responsibilities included planning work schedules and formulating digital fair economy policies.

Shin is known within the Fair Trade Commission for his thorough self-management and meticulous work, as well as his strong organizational leadership.

According to sources at the Fair Trade Commission, Shin is frequently mentioned as a trustworthy figure capable of handling important responsibilities.

Because of this, there are expectations that the ruling party and government-driven "fair economy" policy enforcement and regulation will accelerate.

A Fair Trade Commission official said, "Based on the experience and expertise Shin has accumulated in the field of fair trade, we expect him to fulfill his role in establishing a market economy grounded in principles."

■ Secretary-General Shin Bongsam's career