“Chaebol reformist” named head of S. Korea’s corporate watchdog

SEJONG-- The nominee for the head of the country's corporate watchdog is known for being one of the strongest "chaebol reformists" in South Korea who has called for building a transparent and fair corporate system, experts said Wednesday.

President Moon Jae-in appointed Kim Sang-jo as the chairman of the Fair Trade Commission (FTC), which handles unfair business practices, including price rigging, that hurts market competition.

Kim, 55, is recognized as an expert in Samsung Group's governance and succession issues. He tipped off the prosecution with detailed information about the Samsung Group when state investigators were looking into the corruption scandal involving Former President Park Geun-hye, her close friend Choi Soon-sil and Samsung Group head Lee Jay-yong.

He has also worked with the chairman of the Solidarity for Economic Reform, a Seoul-based civic group, that has taken the lead to enhance the corporate governance system through minority shareholder movements.

He joined Moon's presidential camp in March as his first involvement in real politics.

Kim has been urging for sweeping reforms in local conglomerates, which have been enjoying market dominance in nearly all industrial sectors.

Experts predicted that the FTC will strengthen its monitoring and regulation on large business groups going forward especially since President Moon has stressed the need for change during his election campaign.

Source: Yonhap News Agency

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