[낡은규제혁파②]Coronavirus conglomerates are changing their perception… Regulation was’rusty knife’ 34 years ago

[이데일리 김상윤 피용익 기자] The unprecedented Corona 19 incident is predicting a shift in perception, shaking not only our lives, but also the ranking of resumption. Conglomerates based in the manufacturing industry, which have enjoyed the era of the chimney industry, are walking downhill, while emerging IT companies are becoming the main axis of the Korean economy due to the spread of non-face-to-face transactions. It is pointed out that it is time to break away from the old conglomerate regulations created 34 years ago and create a new’matching rule’ in line with the changed business environment.

According to the Business and Fair Trade Commission on the 3rd, the ranking of business groups subject to disclosure of assets of 5 trillion won or more, to be announced on May 1st, is expected to undergo a full-scale generational change.

Even in the top five companies that were unsettled, it is certain that SK Group will beat Hyundai Motor and rise to second place in the business world thanks to the semiconductor boom. In particular, IT companies such as Kakao, Naver, and Nexon are raising the rankings and predicting entry to the top. On the other hand, in some industries such as oil refining, chemicals, and aviation, even large corporations that are deviating from the business groups subject to disclosure are expected to emerge.

Although the industrial structure is rapidly reorganizing, the Fair Trade Commission still regulates large companies with the’rusty knife’ created in 1987. The representative old regulation is a system of specially related persons, with 6 clans of blood relatives and 4 relatives of relatives grouped around the total number.

According to the Korea Economic Research Institute, in most developed countries, only relatives within three villages are designated as specially related persons. In particular, in the United States, the United Kingdom, and Canada, the scope of related persons is centered on’family’, which is meaningful as an economic community. It excludes cases of divorce, remarriage, etc., and becoming relatives without blood ties.

Jipyeong Lee, an advisor to the Law Firm, said, “As the regulations for large corporations have been strengthened due to the revision of the Commercial Act, rather than the FTC directly regulating large corporations, checks through various stakeholders in the market such as shareholders’ meetings should be more actively operated.” “There is a need for regulatory changes, such as focusing on the problem of corporate monopoly abuse.”

As of May 1, last year, a group of companies restricted from mutual investment with assets of 10 trillion won or more. The business world is expected to fluctuate due to the spread of non-face-to-face transactions due to Corona 19.