It was learned on the 13th that the Korea Fair Trade Commission is pushing to reinstall the Investigation Bureau, once nicknamed the "grim reaper of conglomerates."
The Investigation Bureau led probes into unfair internal transactions, such as funneling work among conglomerate affiliates. It was abolished in 2005 amid criticism that it excessively stifled the business activities of corporations.
The Korea Fair Trade Commission (FTC) is consulting with related ministries, including the Ministry of Planning and Budget and the Ministry of the Interior and Safety, to reorganize its structure in the second half of this year. In those consultations, the Korea Fair Trade Commission (FTC) is said to have proposed reviving the Investigation Bureau for the first time in 21 years.
The Focused Investigation Team has handled the Investigation Bureau's role so far. The Focused Investigation Team has been in charge of cases that draw major public attention or require simultaneous application of multiple laws. However, because it is a "team"-level unit with fewer than 10 staff members, there have been concerns about limits in responding to large cases. In response, the Korea Fair Trade Commission (FTC) is reviewing a plan to expand the Focused Investigation Team into an Investigation Bureau with 30 to 40 personnel.
An official at the Korea Fair Trade Commission (FTC) said, "We are consulting with related ministries on the scale and functions of additional staffing," and noted, "Nothing has been finalized."
Meanwhile, the Korea Fair Trade Commission (FTC) is also reviewing a plan to add roughly 230 staff members along with the revival of the Investigation Bureau.