Account Investigation Power by FTC to be Approved

The ruling coalition parties, the NCNP and the ULD, agreed on December 2 to revise the fair trade law and confer the power to investigate company bank accounts on the Fair Trade Commission (FTC) for the next two years.
According to the agreed plan, the FTC will get the power to investigate transactions made internally by the thirty biggest chaebols.
The ruling two parties will send the revised law to the National Assembly on December 3.
If the revised bill goes through the National Assembly, the law will take effect from January 1, 1999.
Kim Won Gil, chief policy maker in the NCNP, explained, 'The original intention of the revised law is to ban illegal insider trading by chaebol groups. Therefore, we will limit the targets to the big 30 chaebols and the period to be two years.'