Gov"t Will Apply More Pressure to Chaebols

The government intends to lean on Chaebols' restructuring efforts more strongly than before.
It judges the current attempts at restructuring by the chaebols as unsatisfactory with little movement in completing the streamlining of management in the chaebols' companies.
The government held a meeting in which economic ministers participated and exchanged their opinions about the current restructuring effort.
It has come to light that they unanimously agreed the current restructuring by the chaebols is not enough.
Accordingly, it is forecasted that the government will push the big five chaebols to accelerate their restructuring.
Earlier, Chong Wa Dae (the Blue House) and the Financial Supervisory Commission (FSC), announced that they would assess the five biggest chaebols' restructuring based on the banks' evaluation of the big five.
Responding to the government's plans, the Federation of Korean Industries (FKI) will hold its chairmans meetings on October 15 to debate the issue.
Meanwhile, Park Jie Won, a Chong Wa Dae spokesman, said on October 12, ' The government will accelerate the restructuring of the chaebols through the banks by the rules of the free market economy.'
He also pointed out, ' People and the government are now assessing that the restructuring plans the chaebols have presented until now are not enough.'