President Lee Jae Myung strongly criticized the appointment procedures for monetary firm chief government officers (CEOs) on Dec. 19, stating, “When left alone, a corrupt internal circle emerges and a small quantity arbitrarily take turns constantly exercising management.”
Following the Monetary Supervisory Service’s earlier proposal for the Nationwide Pension Service’s suggestion of outdoors administrators of monetary holding firms, President Lee’s criticism of the monetary holding firm chairman choice course of is predicted to additional intensify controversy over authorities’ intervention in governance buildings of personal monetary firms.
On the work report assembly for the Monetary Companies Fee (FSC), Monetary Supervisory Service (FSS), and Honest Commerce Fee (FTC) held on the Authorities Advanced Seoul on Dec. 19, President Lee made these remarks, asking, “They take turns being financial institution presidents, then monetary holding firm chairmen for 10-20 years. Is there an answer for this downside?”
President Lee identified, “We didn’t intervene as a result of we had been instructed to not have the federal government instantly concerned attributable to points with government-controlled finance,” including, “This can’t merely be left unattended.” This successfully quantities to ordering supervisory authorities to handle and oversee the CEO choice processes of monetary holding firms. FSS Governor Lee Chan-jin responded, “We’re getting ready to start inspections concerning the monetary holding firms in query,” stating, “We’ll report particular particulars individually throughout January subsequent yr.”
Throughout the day’s work report, the tough funding targets for Nationwide Development Fund No. 1 had been disclosed. Particularly, there are seven areas: fostering Ok-NVIDIA, nationwide synthetic intelligence (AI) computing heart, renewable power era, all-solid-state battery supplies manufacturing unit, energy semiconductor manufacturing manufacturing unit, superior AI semiconductor foundry, and Yonggin semiconductor cluster power infrastructure.
A plan was additionally introduced to offer low-interest credit score loans of as much as 5 million received at an annual rate of interest of 4.5% for younger individuals and primary livelihood recipients.
Instantly after the work report, the FSC introduced the KOSDAQ Market Belief and Innovation Enhancement plan, which incorporates the complete introduction of personalized expertise particular itemizing techniques for 3 core expertise fields together with AI and area trade. The fund administration analysis standards will probably be modified to extend pension funds’ KOSDAQ investments. President Lee emphasised, “There may be mistrust within the KOSDAQ market,” including, “The trail to market normalization will open solely when bancrupt firms are cleared out.”
