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Current Government to Achieve Class Action Lawsuit

Posted April. 18, 2002 09:03,   


New Deputy Prime Minister and Minister of Finance and Economy Jeon Yun-churl on the 17th said, “ it is desirable to pass the bill of class action lawsuit system during the term of this administration in order to protect the right of small stock holders. ”

At the meeting with newsmen accredited to the Ministry of Finance and Economy (MOFE), he said, “the adoption of class action lawsuit system would be a burden for next government. I heard positive response from the Congress, when I requested help for settling it within the term of this government. ”

MOFE and Justice Ministry have promoted the `Class action lawsuit on the securities` bill, and transferred it to the Legislation and Judiciary Committee of the Congress in December last year in order to put it into force in April this year, but the bill has not been deliberated due to the protest of large enterprises and the ignorance of the Congress.

To the evaluation of him as an `anti-market officer, ` Jeon Deputy Prime Minister stressed, “I will prepare pro-market systems, but the government should intervene into necessary fields like clearing insolvent companies and promoting business transparency. ”

In relation to the prospect on the business, he announced, “we may worry about prices in the second half of this year. I will decide the basic tone of policy after generally judging businesses of export and domestic demand in mid May. ”

This comment means he will push the policy of `no change on macroeconomic policy-adjust on microeconomic polity, ` which economic policy coordination meeting decided last week.

For the issue of clearing insolvent companies like Hynix Semiconductor Inc., Deputy Prime Minister Jeon stressed, “they should be taken care of quickly to remove market uncertainties, though the standpoint of creditors is important and the value of Korean companies should be evaluated properly. ”

In relation to the conversion issue of Korean Deposit Insurance Corporation (KDIC) bonds, which is not realized for the protest of opposition parties, he said, “as the Congress agreed to the injection of public funds to the corporation, they should not drive it to the inspection of the administration. ”

Rae-Jeong Park ecopark@donga.com