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IBRD Wants Massive Litigation

Sept 14,1998

The International Bank of Reconstruction and Development (IBRD) is currently asking the Korean government to introduce a massive litigation system and audit committee into the chaebol's board of directors. These measures were once rejected by the Korean government. In addition, the IBRD wants the management of the national pension and the civil servants retirement fund to be transferred to private hands.
The Korean government and IBRD are in conflict regarding the management of business structure and fair trade regulations.
However the government is against the prospects of massive litigation asserting that this system will ignite excessive lawsuits. Yet it appears IBRD's recommendations will be accepted by the administration next year at the earliest.


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