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 Noh Yong-seok.
Representatives from related ministries attended the meeting, including the Ministry of SMEs and Startups (MSS), the Financial Services Commission, the Korean National Police Agency, and the Financial Supervisory Service. 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 participated for the first time.
The task force is led by Vice Minister Noh as Head of Team and was created to seek a government-wide response to unfair third-party intervention. At the meeting, participants shared directions for legislation, including introducing a registration system for policy-fund consulting. They also discussed and aimed to finalize detailed execution plans for a three-pronged response set—fact-finding on unfair third-party intervention, a whistleblower reward 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 that occurs during agency services for policy loan and guarantee applications. It set a goal to prepare an amendment to the Act on the Promotion of Small and Medium Enterprises within the first half of this year.
Starting on the 21st, an online anonymous survey will also be conducted of corporations supported by the four policy finance institutions to identify whether they experienced unfair intervention, its types, and whether there was damage. The aim is to systematically assess the situation rather than relying on voluntary reports by corporations.
To encourage reports of illegal brokers, each policy finance institution will operate its own whistleblower reward program. Whistleblowers who provide information will receive up to 2 million won per case, and the government is also reviewing a plan to pay part of the reward in advance depending on investigative procedures.
In addition, within January, a whistleblower immunity program will be introduced to exempt those involved in unfair intervention from disadvantage as long as their actions did not constitute illegal collusion. Based on reports of suspected unfair third-party intervention, the government plans 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 research and development (R&D) support and will introduce similar systems.
1st Vice Minister Noh Yong-seok said, "The Ministry of SMEs and Startups (MSS) will build an institutional management framework by reviewing a registration system for policy-fund consulting," adding, "Within January, we will implement the whistleblower reward program and immunity program to encourage reports of unfair third-party intervention, and for reported and received cases, we will respond strictly to illegal acts through requests for investigation."