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Pres. Lee Warns Against `Passive` Restructuring

Posted May. 01, 2009 07:23,   


President Lee Myung-bak yesterday sent a warning to domestic banks against showing “a passive or irresponsible attitude” in corporate restructuring.

At an emergency meeting at the headquarters of the Financial Supervisory Service yesterday, he also said the government is cleaning up the mess left by financial institutions.

He cited signs of loosening alertness amid rising hopes of economic recovery, saying domestic companies must make their utmost efforts to develop technologies and component materials.

“President Lee said out loud his usual opinions about the financial sector,” an official at the presidential office of Cheong Wa Dae said.

The president also criticized domestic bankers for earning big money despite never having secured investment from foreign investors with their own networks and capabilities or brought in oil dollars to Korea from the Middle East.

President Lee also visited the Finance Consumer Service Center operated by the Financial Service Commission, and acted as counselor for a day. A person from Daegu told him that a loan of one million won (780 U.S. dollars) he took out from a private lender around three years ago has swollen 15-fold because of outrageously high interest.

The president told a counselor at the center to take legal action against the lender and correct unfair practices. “I will check later if this issue has been resolved,” he said.