FKCCI "Passage of Three Corporate Regulation Laws Negatively Impacts National Economy Overall"

Federation of Korean Industries

[Asia Economy Reporter Dongwoo Lee] The Federation of Korean Industries (FKI) expressed concern on the 8th over the possibility of the National Assembly passing amendments to the Commercial Act and the Fair Trade Act, stating, "Despite appeals from the business community, there is concern that these bills are being processed unilaterally without in-depth discussion."

On the afternoon of the same day, FKI issued a statement titled "Appeal from the Business Community Regarding the Three Corporate Regulation Laws," saying, "The business community has appealed for careful deliberation in the National Assembly, considering the impact of the three corporate regulation laws on the public and businesses."

FKI warned, "If the three corporate regulation laws are passed, they will cause side effects that shrink our companies, which should be focusing on investment and jobs, and expose them to attacks from foreign speculative capital."

They added, "There are concerns about the leakage of trade secrets and core technologies by auditors appointed by speculative capital, and companies will have to endure damage to their image due to indiscriminate lawsuits from stakeholders," expressing worry that "the contraction of normal transactions between affiliates will weaken companies' global competitiveness."

FKI appealed, "Corporate investment and jobs will decrease, ultimately having a negative impact on the entire national economy," and urged, "In a situation where the economic environment has become difficult again due to the resurgence of COVID-19, we earnestly request that the three corporate regulation laws be carefully reviewed so that companies can focus on their core management activities and contribute to overcoming the economic crisis."

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