The Ministry of SMEs and Startups said on the 15th that it held the second meeting of the "task force on resolving unfair third-party intervention," joined by four policy finance institutions and chaired by 1st Vice Minister No Yong-seok.
At the meeting, officials from the Ministry of SMEs and Startups (MSS), the Financial Services Commission, the Korean National Police Agency, and the Financial Supervisory Service attended. The Korea Technology and Information Promotion Agency for SMEs (TIPA), the Korea Institute of Startup and Entrepreneurship Development (KISED), and the Korea Credit Guarantee Fund (KODIT) also joined for the first time.
The task force is a meeting led by Vice Minister No as Head of Team to seek a government-wide response to unfair third-party intervention. The meeting shared directions for legislation, including introducing a registration system for policy fund consulting. It also discussed and advanced detailed implementation plans for the three-part response "set" — a fact-finding survey on unfair third-party intervention, a whistleblower bounty program, and a whistleblower immunity program.
The Ministry of SMEs and Startups (MSS) plans to establish a legal basis that regulates consultant management and prohibited acts to block unfair intervention occurring during the agency process for policy loan and guarantee applications. It set a goal to prepare an amendment to the Act on the Promotion of SMEs within the first half of this year.
Starting on the 21st, it will also conduct an online anonymous survey of corporations supported by the four policy finance institutions to determine whether they experienced unfair intervention, the types, and any damages. The aim is to move beyond relying on voluntary corporate reports and investigate the situation systematically.
To encourage reports of illegal brokers, each policy finance institution will operate a whistleblower reward program. Informants who provide information will receive up to 2 million won per case, and the government is also reviewing a plan to pay a portion in advance depending on the investigation process.
In addition, even if involved in unfair intervention, the government will introduce a whistleblower immunity program in January to exempt those from disadvantages if their actions did not amount to illegal collusion. Based on reports of suspected cases of unfair third-party intervention, authorities plan to pursue strong legal action, including filing complaints and requesting investigations.
Related ministries plan to promote swift investigations and legal measures by strengthening information sharing and cooperation. The Korea Technology and Information Promotion Agency for SMEs (TIPA) will also form a separate task force to respond to unfair intervention in the research and development (R&D) support field and introduce similar programs.
1st Vice Minister No Yong-seok said, "The Ministry of SMEs and Startups (MSS) will build an institutional management framework, including reviewing a registration system for policy fund consulting," and added, "In January, we will implement the whistleblower reward and immunity programs to encourage reports of unfair third-party intervention, and we will respond strictly to illegal acts by requesting investigations for reported and received cases."