Pres. Kim Reaffirmed Big 5 Chaebols" Restructuring

President Kim Dae Jung reaffirmed on November 24 that he will lead the restructuring process of big five chaebols which should be completed by the end of this year.
President Kim said at a luncheon meeting with personnel from financial institutions, 'Reform in Korea stands now at the crossroads of success and failure and the big five chaebols are pivotal. The government of the people will never neglect to lead the restructuring of the big five chaebols, as long as I remain President.'
Pres. Kim invited 133 benkers including Ryu Si Yol, the president of the Korea First Bank to Chong Wa Dae on this day, and stressed, 'Financial institutions should complete the 'big five chaebols' restructuring process by the end of this year.'
He continued that financial institutions should make aggrements with chaebols to improve their financial structure, and then reshuffle chaebols into conglomerates with only competitive companies while letting insolvent companies leave.
Pres. Kim added, 'The government cannot intervene in chaebols' restructuring, but financial institutions which should be supervised by the government can and should intervene as creditors and the restructuring process should be settled only between companies and banks.'