Antitrust chief nominee calls for strict law enforcement against unfair business practices

SEOUL-- President Moon Jae-in's pick to lead South Korea's antitrust regulator called for strict enforcement of the law against unfair business practices in a 2012 thesis, a sign that the nominee could crack down on such methods.

Joh Sung-wook, a professor of business administration at Seoul National University, said in the thesis, published in the Journal of competition, that unfair business practices by family-controlled conglomerates, or chaebol, could be fatal to many smaller companies and could result in damage to consumers.

South Korea has been pushing to stem unfair business practices and to level the playing field for smaller firms in a country that has been dominated by chaebol for decades.

Joh -- nominated by Moon last week to head the Fair Trade Commission -- said the sacrifices of members of society have contributed to chaebols' achievements, just like the sacrifices of a poor family's younger children facilitate the success of the eldest son.

The nominee said in the thesis that the younger siblings' disappointment could be significant if they are subject to strict enforcement of the law but their more successful big brother is not and is able to avoid his legal, social and moral responsibilities.

Joh, if she gets past the parliamentary confirmation hearing, would be the first woman to lead South Korea's antitrust commission in 38 years.

The parliamentary confirmation hearing is widely seen as a formality because her formal appointment does not require approval from the National Assembly.

Source: Yonhap News Agency

You may also like...