The Ministry of SMEs and Startups (MSS) held a "policy finance third-party undue interference inspection meeting" on the 24th.
The meeting was held to discuss swift response measures to the issue of third-party undue interference. Minister Han Seong-sook, First Vice Minister Noh Yong-seok, and Second Vice Minister Lee Byeong-gweon attended, along with the heads of four policy finance agencies under the MSS, including the Korea SMEs and Startups Agency (KOSME), the Small Enterprise and Market Service, the Korea Technology Finance Corporation (KOTEC), and the Korea Federation of Credit Guarantee Foudations (KOREG).
Third-party undue interference refers to cases where consulting firms go beyond normal policy fund advisory or proxy services and engage in illegal acts such as preparing false documents.
At the meeting, participants reviewed the seriousness of third-party undue interference occurring recently in the policy finance sector. They also discussed ways to improve reporting and detection systems. The MSS decided to form and operate a "third-party undue interference resolution task force," with First Vice Minister Noh Yong-seok as Head of Team. The four policy finance institutions under the MSS will each set up their own task forces.
Going forward, the MSS and the four institutions' task forces will identify the actual conditions of third-party undue interference experienced on the ground by small and medium-sized enterprises and small business owners, including illegal insurance solicitation and document fabrication. Based on this, they plan to prepare policy tasks and institutional improvement measures. The MSS will also collaborate through the task force with related agencies such as the Financial Services Commission (FSC), the Financial Supervisory Service (FSS), and the Korean National Police Agency.
Minister Han Seong-sook said, "We must establish a cooperative framework with related agencies such as the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) so that reports of undue interference can be handled swiftly," adding, "We will promptly prepare legal grounds next year for systematic investigations and sanctions on third-party undue interference and do our utmost to prevent damage to small and medium-sized enterprises and small business owners."