Chaebols and Gov"t Hold Restructuring Talks

The government and the business sector held a joint meeting on October 22 to review the restructuring plan which big companies are currently attempting to fulfill.
In the meeting in which ministers related to economic affairs and the chairmen of the five biggest chaebols participated, the government asked the business sector to shut down their subsidiaries with bad operating records and to actively induce foreign capital by selling assets. The government also required the business sector to make a final and concrete restructuring plan to improve their financial state by December 15.
Responding to these requirements by the government, the business sector insisted that it is first necessary to make a unified law for restructuring, because now a great deal of confusion has been created as so many related laws are dispensed with and created for the restructuring process.
So far, the government has refused to accept the suggestions made by the business sector.