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FTC to Revise Ordinance to Allow Foreigners Designation as Business Group Chief

Written: 2022-07-25 13:11:59Updated: 2022-07-25 15:30:32

FTC to Revise Ordinance to Allow Foreigners Designation as Business Group Chief

Photo : KBS News

The state antitrust regulator is seeking to revise an enforcement ordinance that would allow foreigners to be designated as the head of a business group.

According to the Fair Trade Commission(FTC) on Sunday, it plans to issue an advance notice of the related revision next month. The revision will include a standard for the designation of foreign nationals of Korean descent.

The FTC had pledged to make such a revision after the regulator classified domestic e-commerce giant Coupang as a business group last year.

Coupang, however, was left without a group chief when the regulator failed to designate Kim Bom-suk, the board chairman of Coupang Inc., which wholly owns Coupang Corporation, due to his U.S. citizenship.

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