Kim Namgeun Urges Fair Trade Commission to Investigate Large Corporations' Compliance with Supply Price Linkage System
Calls for Fair Trade Commission to Investigate Collusion and Excessive Profiteering by Large Conglomerates
Ministry of SMEs and Startups Confirms Non-Implementation of Linkage System Is Common Practice
"Failure to Provide Written Notification Consti
On April 6, Namgeun Kim, a member of the Democratic Party of Korea, urged the Korea Fair Trade Commission to take active measures so that small and medium-sized enterprises can utilize the supply price indexation system and other mechanisms, in light of the Middle East conflict.
During an interpellation session at the National Assembly that day, Assemblyman Kim pressed Joo Byunggi, Chairperson of the Korea Fair Trade Commission, stating, "It is necessary to thoroughly investigate whether large corporations are exploiting the crisis to abuse their monopolistic positions for excessive price hikes or to engage in collusion." He added, "With regard to the supply price indexation system, there must be a comprehensive investigation into which companies are not implementing it and the reasons for their non-participation." Chairperson Joo responded, "We will do so."
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Kim Namgeun, a member of the Democratic Party of Korea, is being interviewed by The Asia Business Daily. Photo by Dongju Yoon
View original imageEarlier, Assemblyman Kim questioned Hansung Sook, Minister of SMEs and Startups, about the current use of the supply price indexation system. Minister Han replied, "There are cases where the supply price indexation system is not being established as a matter of practice, or even when established, it is not being properly implemented." Assemblyman Kim pointed out, "According to the Ministry of SMEs and Startups' survey, large corporations are required to notify SMEs in writing about the possibility of entering into the supply price indexation system. The fact that SMEs were unaware of this means that the written notice was not provided," stressing, "This is a clear violation of the Subcontracting Act."
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