[EDITORIALS]Keep the snoops outThe Fair Trade Commission and the Our Open Party have agreed to extend for another three years the commission’s special right to check financial accounts. That right expired in February. The commission argues that increased collusion and insider trading among subsidiaries justifies the extension. Any illegal activities by the companies need to be monitored strongly, and transparency of companies is essential. Nevertheless, the methods of monitoring should never become a burden to the companies and result in a contraction of their activities. Being given that right also does not mean that every company should be looked at as a lawbreaker.
The right to check financial accounts is already granted to several government agencies such as the National Tax Service, the Board of Audit and Inspection and the Financial Supervisory Service. If the need to check a financial account or transaction occurs, it can be obtained through government cooperation.
That the commission has opted for another extension is just an example of bureaucratic expediency. Three years ago, there was a limit put on the law, but extensions have been granted. It’ s not very fair.
Companies who are fully aware that someone is constantly looking over their shoulders will inevitably pull back from investments. This is certainly not in line with the real-name financial system that is in place. Beside the right to check on financial accounts, there are other methods, such as outside directors, to check on a company’s internal activities.
Our economy is at a crossroads. Thanks to a couple of conglomerates that have succeeded in penetrating the world market, we are able to sustain some growth. If our economy is to survive, we need companies like these. Our government needs to lessen regulation and support them. What the commission is doing is exactly the opposite. How can one expect a recovery of our economy under such circumstances?
If too many organizations monitor and check, companies will suffer. The extension of the commission’s right to check financial accounts is not appropriate. Transparency can be achieved in other ways. The commission should think about how to revive the economy and not how to increase its power.