Bareun Party's presidential hopeful seeks to reform chaebol

Rep. Yoo Seong-min, a potential presidential candidate from the minor Bareun Party, announced a set of measures to curb conglomerates' unfair practices Monday, including banning owners of family-controlled businesses from establishing separate companies to win deals from their conglomerates.

"What is desperately needed for those working for small and medium-sized firms, self-owned businesses and startups is that chaebol companies engage in fair transactions and competition in the market," Yoo said.

Rep. Yoo Seong-min of the Bareun Party (Yonhap)

Yoo said the existing law on inter-affiliate contracts fails to ban conglomerate families from exploiting business deals won by their private companies outside their group.

Yoo also vowed to put an end to the tradition of providing presidential pardons to business tycoons.

"I will end the outdated tradition of providing parole, pardons and reinstatement to business tycoons in exchange for their promises to revitalize the economy," he said. (Yonhap)