Financial World Says, “No Collective Fund Raising for Major Election Fund”

The Federation of Korean Industries (FKI) stated that enterprises will not collect and provide money to politicians publicly before local and presidential elections which are coming this year.

Son Byeong-Du, vice president of FKI said, "The decision to make fair donations for political activity at the chairman group meeting means that each enterprise will donate funds to their favorite candidate or party within the law." and "FKI has no plans to preside over collective fund raising for political activities."

He said, "The last major elections marked the final occasion on which the financial world collectively provided fund. The company management is being transparent. It is, therefore, impossible to conduct illegal fundraising for political activites."

Officials in the FKI explained, "The FKI will analyze how each party and election pledge of candidates reflects democratic processes and the principle of market economy, and plans to provide the analyses as reference data to member companies."

Vice president Son added, "When enterprises collected the money to give aid in clothing and fertilizers to North Korea after the current administration took office, we ran into difficulties because the directors rejected the idea. It will become difficult to manage money which has no direct connection to the company`s management from now on."

The FKI will present `The Finance Community`s Petition of Items to Politicians and Parties` at the regular general meeting on the 22nd and announce the principles regarding political funds once again.

Won-Jae Park parkwj@donga.com