FTC chief acknowledges role of conglomerates in economic growth

The chief of South Korea's antitrust watchdog on Wednesday acknowledged conglomerates' contributions to the country's economic growth during a parliamentary audit, amid criticism of his earlier claim that chaebol have exploited the country.

"I am not denying the role of conglomerates in South Korea's economic growth and development," Ju Biung-ghi, head of the Fair Trade Commission, said during a parliamentary audit at the National Assembly.

Ju's remarks came in response to criticism from opposition lawmakers over his description of family-run conglomerates, known as chaebol, as exploiting South Korea during a lecture when he was a professor. They criticized him for reaffirming that view last week.

"My remarks on chaebol and conglomerates are intended to emphasize the need to make their governance structures more transparent and address the adverse effects of their economic concentration to bolster the global competitiveness of business groups," Ju said.

The FTC chief said his intention was to highlight the social responsibility of business groups and the rights of the majority of shareholders.

"I will always keep in mind that the FTC's role in the market system is to help businesses operate freely while abiding by the rules," he added. (Yonhap)