Antigraft law is supported by almost 75% of companies

Almost three out of four Korean companies said the implementation of an antigraft law a year ago has made a positive impact on the corporate environment, according to a survey of 300 enterprises by the Korea Chamber of Commerce and Industry, a business lobbying group, released Tuesday.

Only 23.9 percent of the respondents said the so-called Kim Young-ran Law had a negative effect on their corporate performance and the remaining 1.7 percent refused to answer or said they had no idea.

A third of the respondents praised enhanced transparency of public servants in doing their duties. An equal proportion were positive about the reduced frequency of having to share meals with work-related personnel. Nineteen percent praised reduced expenses for entertaining of business partners and gifts.

Notably, around 84 percent of the respondents said the act has been considered positive by the whole society.

But a separate survey of 300 smaller businesses like restaurants and florists were not as positive. A smaller proportion, 68.5 percent, were positive about the government’s intention in passing the law. More than 70 percent said the law hurt their revenues.

By Seo Ji-eun