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"Anti-corruption Agreement" Worries Korean Companies

Jan 26,1999
Korean companies are reacting sensitively towards the agreement that prohibits bribery abroad as it will come into effect this coming February.
Many companies related to construction and export businesses are busy making countermeasures including collecting information and educating employees.
Several LG subsidiaries including LG Electronics and LG Corporation are giving its employees company guidelines on ethical business practices. Ssangyong Business Group delivered documents that urge extreme caution in regards to the agreement to its construction offices abroad.
Kim Sok Jun, chairman of Ssangyong Construction, placed phonecalls to heads of all its local construction offices in Singapore and Indonesia and said, 'All local offices should maintain transparent contract negotiations and aboveboard construction projects.'
The Federation of Korean Industries(FKI) revised its charter of enterprise ethics which prohibits any illegal provisions to politicians and decided to further fortify it next month.



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