South Korea's corporate watchdog said Tuesday that it will announce a list of companies obliged to disclose their corporate information later this year in a bid to help boost the transparency of their business activities.
The Fair Trade Commission (FTC) said the Cabinet approved a plan to put businesses with assets of 5 trillion won ($4.4 billion) or more under a new watch list for mandatory filings.
The list of companies subject to the new rules comes as the watchdog revised the fair trade law last year on affiliates of large business groups.
(Yonhap)
Under the revised law, affiliates of large conglomerates with assets exceeding 10 trillion won are restricted from making equity investments among them or offering loan guarantees to each other.
Previously, the minimum asset ceiling was set at 5 trillion won.
The mandatory filings system is also aimed at paving the way for local mid-sized business groups to conduct more activities through expanding new businesses, the corporate watchdog said.
Currently, 27 conglomerates are subject to tough FTC surveillance, down from 65 tallied in September last year.
The FTC said the new 5 trillion won-watch list will be released in September. (Yonhap)