Committee to begin corporate investigations

This fall, a joint investigation team, involving the Financial Supervisory Commission, the Fair Trade Commission, the National Tax Administration, the Prosecutor`s Office and Police Department, will be created to crack down on corporate irregularities.

The government also plans to step up the overall punishment on internal trading, illegal accounting practices and false posting of corporate news. In particular, the punishment for false posting, which is lagging behind advanced countries, will be strengthened substantially.

An official with the Ministry of Finance and Economy stated: "Under the current regulation, Financial Supervisory Commission cannot investigate corporate irregularities and trace their bank accounts, so even the creation of a joint investigation team may not have a practical effect. As the revision of relevant law, which will strengthen Financial Supervisory Commission`s power for investigation, will be passed by the National Assembly this fall, it would create an environment to run the joint team."