[2020 National Audit] Jo Seong-wook: "Hanwha's No Charges Contribution? A Very Insulting Remark"

October 8 Political Affairs Committee Audit... Seongwook Cho "Contributed to Governance Improvement as Hanwha Outside Director"
Yongjin Park "Criticizes 'Unfair Commission' Over Former Fair Trade Commission Officials' Lobbyist Allegations"
Seongwook Cho "Never Individually Evaluated Former Fair Trade Commission Chairman and Vice Chairman"

Fair Trade Commission Chairman Cho Sung-wook appeared at the National Assembly's Political Affairs Committee on the 8th for the National Assembly audit of the Fair Trade Commission and took the witness oath. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Chaeseok] "I think the statement that I contributed to Hanwha's dismissal of charges is a very insulting remark."

On the 8th, Cho Sung-wook, Chairman of the Fair Trade Commission, said this during the National Assembly's Political Affairs Committee audit. Earlier in August, the Fair Trade Commission investigated Hanwha affiliates for unfairly funneling profits to Hanwha S&C (now Hanwha Systems) from 2015 to 2017 but ultimately dismissed the charges.

Park Yong-jin, a member of the Democratic Party of Korea, said, "There was suspicion that Chairman Cho's experience as an outside director of Hanwha from 2010 to 2013 influenced the dismissal of charges regarding Hanwha S&C group's unfair business practices."

Chairman Cho responded, "I can confidently say that I joined as an independent outside director to improve Hanwha's governance structure and contributed to enhancing the internal control system. I think the statement that I contributed to Hanwha's dismissal of charges is very insulting."

He added, "I did not intervene at all during the deliberation process, and I did not attend the deliberations while the case was being discussed."

Regarding the criticism that former and current Fair Trade Commission officials join large law firms and act as 'lobbyists,' he replied, "I have never evaluated this individually."

Park asked for Chairman Cho's opinion, saying, "Former Fair Trade Commission Chairmen Kim Dong-soo (Doosan Heavy Industries), Noh Dae-rae (Helixmith), and Jung Ho-yeol (JS Corporation) have become outside directors of listed companies, and former and current lawmakers enjoy privileges in regulated companies, which leads the public to criticize the Fair Trade Commission as a 'closed circle' and an 'unfair commission.'"

Chairman Cho said, "I have never individually evaluated what roles former chairmen and vice-chairmen play as outside directors in companies, so I may not be able to provide a sufficient answer. I will never do anything that harms the Fair Trade Commission regarding my personal matters."

Chairman Cho has previously expressed his intention to return to a professorship at Seoul National University after his retirement.

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