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Gov"t to Conclude Restructuring Insurance and Securities Sectors

Feb 17,1999
The government will conclude the restructuring of insurance and securities companies within the first half of this year, even, if necessary, with the use of public money.
Finance Minister Lee Kyu Sung announced on February 17 that he will report to President Kim Dae Jung the Ministry's '99 plan'.
He explained that the government will try to restructure insurance and securities companies basically by way of additional issuance of capital and through mergers and acquisitions under the responsibility and authorization of main stockholders, but in cases of emergent situations the government will support financial companies with public money.
This remark is surprising because the government has been reluctant to support non-banking financinal companies with public money.
In other news, the government will substantially reform tax policies by submitting bills that will in effect abolish several special purpose taxes to the National Assembly within March.


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