Korea Technology Finance Corporation (KOTEC) said on the 13th it has prepared and will begin implementing a comprehensive response plan, in cooperation with the Ministry of SMEs and Startups, to eradicate improper third-party interference that occurs in the course of policy finance.
The Ministry of SMEs and Startups (MSS) has operated a "policy finance improper third-party interference task force (TF)" since late last year, with participation from affiliated policy finance institutions, the Financial Services Commission, the Financial Supervisory Service, the Korean National Police Agency, and other related agencies, to enhance the reliability of the policy finance system. Korea Technology Finance Corporation (KOTEC) reflected the TF's discussions by revising related internal regulations and carried out follow-up measures.
The core tasks of this plan are threefold: ▲ a fact-finding survey on improper third-party interference ▲ a reporting reward program ▲ an immunity program for voluntary reporters. Korea Technology Finance Corporation (KOTEC) will introduce a questionnaire into the online application process to identify the status of improper third-party interference that may occur during guarantee and technology evaluation applications. The results will be used as basic data for institutional improvement, and respondents' anonymity will be strictly protected.
To encourage reporting, a reporting reward program will be implemented. For reports requiring swift action, small fast-track rewards will be paid first, and depending on the progress, such as referral for investigation and a guilty verdict, rewards will be paid up to a maximum of 2 million won.
An immunity program for voluntary reporters will also be operated. If a "guarantee broker–involved company" that voluntarily reports the fact of improper third-party interference does not fall under the crime types specified by relevant laws, some guarantee restriction measures will be mitigated and arrangements such as partitioning repayment agreements will not be applied.
Korea Technology Finance Corporation (KOTEC) has also established a separate anonymous reporting channel to minimize concerns about exposing a reporter's identity, and refined related procedures so that highly urgent matters can be screened under a "fast-track program" and referred for investigation more quickly.
Park Ju-seon, executive director of Korea Technology Finance Corporation (KOTEC), said, "This response plan is an institutional device to further raise public trust in policy finance," adding, "Korea Technology Finance Corporation (KOTEC) will work closely with the Ministry of SMEs and Startups (MSS) to thoroughly block improper third-party interference and continue efforts to foster a fair policy finance environment."