President Kim "Not Aiming to Break up Chaebols"

Regarding President Kim Dae-jung's Liberation Day address, which emphasized chaebol reform, the Chong Wa Dae (Blue House) spokesman, Park Joon-young said Monday, 'President Kim's address didn't aim to break up the chaebols. He was just outlining policies on the reduction of the chaebols' influence in the financial sector, the toughening of inheritance and gift taxes and limiting of cross-investment within chaebol subsidiaries, policies to be added to the five major chaebol reform programs announced at the end of last year.'
The spokesman Park said at the regular press conference, 'Can the chaebols be broken up? President Kim has urged that chaebols should strengthen their competitiveness by restructuring and specialization, to make profits in the international market for the nation and for the corporations themselves.'
President Kim's chief economic adviser, Lee Ki-ho also said, 'The government does not intend to re-arrange the chaebol ownership structures. However, the chaebols' improper inner transactions, dominance of the financial sector and cross-investment should be blocked as the 'fleet of vessels' style management cannot maintain competitiveness any longer.'
Lee added, 'We are preparing for the meeting on chaebol reform plan which is scheduled for late this week or early next week.'
Kang Joo-an : jooan@joongang.co.kr