Small and Medium Business Ombudsman Awards '1st Regulation Reform Hammer' to Korea Expressway Corporation

Jubong Park, Small and Medium Business Ombudsman (right), Jinsuk Kim, President of Korea Expressway Corporation (center), and Dooseon Hong, Director of Public Policy Bureau at the Ministry of Strategy and Finance, are posing for a commemorative photo after the Regulatory Reform Hammer Award ceremony.
[Photo by Small and Medium Business Ombudsman]

[Asia Economy Reporter Kim Jong-hwa] The Small and Medium Business Ombudsman (vice minister level) and Korea Expressway Corporation have agreed to improve regulations that prohibit the transfer of corporate bonds. This improvement has provided relief to companies struggling to secure liquidity.

In particular, related ministries such as the Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy, which are involved in this regulation, actively collaborated, enabling the resolution of regulatory difficulties faced by companies within about a month of consultation.

The Small and Medium Business Ombudsman awarded Korea Expressway Corporation the 'No. 1 Regulatory Reform Hammer' for its contribution to enhancing corporate vitality by promptly improving business difficulties through proactive administration.

While carrying out projects such as installing streetlights and tunnel lighting, Korea Expressway Corporation has been financing energy-saving specialized companies, guaranteeing facility installation and energy-saving effects, and repaying investment funds with the savings generated later. In this process, the corporation prohibited the transfer of accounts receivable, which are repayments of investment funds, causing frequent severe liquidity crises for the companies involved.

The Ombudsman conveyed the companies' difficulties to Korea Expressway Corporation and continuously consulted on improving related regulations. Responding to the Ombudsman's recommendation, Korea Expressway Corporation agreed within about a month of consultation to allow the transfer of accounts receivable by improving the regulation that prohibited the transfer of corporate bonds.

Korea Expressway Corporation expects that this improvement will enable 35 small and medium enterprises to secure approximately 100 billion KRW in liquidity.

In addition, Korea Expressway Corporation has made various efforts such as supporting new technology market access for SMEs through the Korea Expressway Corporation Technology Market and improving regulations through the operation of the Corporate Growth Response Center. Accordingly, the Ombudsman decided to award the 'No. 1 Regulatory Reform Hammer' to Korea Expressway Corporation and held the award ceremony at 11 a.m. on the 17th at the Government Seoul Office.

The Regulatory Reform Hammer is an award given by the Ombudsman to ministries or agencies that have worked hard to improve business difficulties and regulations through proactive administration.

Park Joo-bong, the Ombudsman, said, "This regulatory relaxation by Korea Expressway Corporation is the most appropriate example of proactive administration," adding, "I am very honored to award the No. 1 Regulatory Reform Hammer to Korea Expressway Corporation for their proactive efforts."

Kim Jin-sook, President of Korea Expressway Corporation, stated, "Through this system improvement, it is expected that the market economy will be further revitalized by easing the debt ratio of SMEs and increasing new investments," and added, "We will continue to identify and reform necessary areas for corporate regulatory improvement."

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