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Sorry, please use a different browser. Close Corporations and foreigners can also head companies … Coupang Kim Beom-seok will probably be banned
The Cabinet meeting was passed by an amendment to the ‘Enforcement Decree of the Monopoly and Fair Trade Act’, which specifies ‘exceptional conditions’ which allow the head of a large conglomerate to avoid designating the same person.
The same person is the standard for determining the subject of regulations of a large conglomerate, and after being designated as the head, various obligations and regulations are imposed, such as the prohibition of misappropriation of private profits and the submission of data on relatives.
According to the amendment, designation as the same person can be avoided if the four conditions are met, including that the scope of the business group is the same whether the same person is considered a natural person or a corporation.
Coupang Chairman Kim Beom-seok, who initiated discussions on system improvement, is expected to avoid designating the same person by meeting the amendment’s four exemption conditions.
Reporter Park Jin-hyung (jin@yna.co.kr)
#Big company #Same person #Coupang_Kim Beom-seok #Fair Trade Commission
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