Kim calls for completion of financial reform within this year

President Kim Dae-Jung said, in connection with the failures in sell-off deals of Daewoo Motor and Hanbo Steel, that the ministries concerned should probe into the process of the incidents and punish those who are liable for the cases. Presiding over an emergency briefing session on the reforms in the four major sectors at Chong Wa Dae Wednesday, the President pointed out that the two contacts may have been concluded wrongly from the beginning, but that had the officials concerned followed closely the process of their implementation, such follies would not take place.

In this connection, Lee Ki-Ho, senior presidential secretary for economic affairs, said that in the future, the Financial Supervisory Commission would take due actions against the responsible officials, adding that the Daewoo Corporate Restructuring Committee would take punitive actions against Daewoo Motor and the Korea Asset Management Corp. take measures against Hanbo.

After receiving a brief on the 12 major tasks for economic reforms from Finance-Economy Minister Jin Nyum, Kim directed the minister to complete corporate and financial reforms within this year and the reforms in public and labor sectors by thee of next February, disclosing that he will personally preside over a monthly session to check the progress in the implementation of the 12 prescribed tasks.

Stressing that the 12 major tasks are directly related to the nation's economic survival, Kim emphasized that the national economy must become viable despite outside shocks, even though the nation is faced with internal and external ordeals.

President Kim said, in connection with the public sector reform, stated that the management of the public enterprises should be promoted through spontaneous cooperation between the workers and the managers. He also said that depending on the result of the implementation, those officials concerned should be punished or given incentives, so that the self-regulated management style is settled.