The Ministry of SMEs and Startups (Minister Han Sung-sook) announced on the 24th that it held a 'Policy Finance Third Party Unfair Intervention Inspection Meeting' chaired by Minister Han Sung-sook and attended by the Ministry of SMEs and Startups and four policy finance institutions.
This meeting was organized to discuss swift responses to the issue of improper third-party intervention in policy financing, recently raised in media reports. The meeting was attended by First Vice Minister Noh Yong-seok, Second Vice Minister Lee Byung-kwon, and the heads and deputy heads of the Korea SMEs and Startups Agency, the Korea Small Business Corporation, the Korea Technology Finance Corporation, and the Korea Credit Guarantee Fund.
The meeting discussed the severity of third-party undue intervention and the reporting and detection system. The Ministry of SMEs and Startups will establish a separate task force headed by First Vice Minister Noh Yong-seok to address future responses, and four policy finance institutions will also operate their own task forces.
The Ministry of SMEs and Startups and four other agencies plan to closely monitor the practices of third-party interference, including illegal insurance sales and document falsification, through the task force and identify and implement policy and institutional improvements to address these issues. They also plan to collaborate with relevant organizations, including the Financial Services Commission, the Financial Supervisory Service, and the National Police Agency.
Minister Han Seong-sook said, “We must establish a cooperative system with relevant organizations to ensure that reports of unfair intervention are processed quickly,” and added, “We will quickly establish an investigation and sanctions system and legal basis for unfair intervention by third parties within next year to prevent damage to small and medium-sized enterprises and small business owners.”
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