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Public corps. subject to `account-chasing`

Posted January. 29, 2001 18:45,   


To root out irregular inside trading, the Fair Trade Commission (FTC) will exercise its "account-chasing" right even on public corporations in the future.

On a prearranged bidding to supply the army with oil, the FTC said Monday that it filed a complaint with the prosecution against six executives responsible for the bidding at five domestic oil refineries SK, LG Caltex Oil, S-Oil, Hyundai Oil, and Inchon Oil and the two corporations LG Caltex and S-Oil.

While receiving a business report for 2001 from the FTC, meanwhile, President Kim Dae-Jung said that the FTC should eradicate irregular inside trading by using its right to demand information related to financial transactions (the "account-chasing" right) for companies, regardless of whether they are public or private ones.

Until recently, those placed under the FTC "account chasing" right have been limited to the top 30 business groups.

Lee Nam-Kee, chairman of the FTC, said in a report that the FTC would launch an immediate investigation if public corporations are suspected of engaging in irregular inside trading or a relevant report is received.