Politics · South Korea · 9 hrs ago
Fair Trade Commission chief defends past criticism of large business groups
South Korea’s Fair Trade Commission chief Joo Byung-ki defended a past statement criticizing family-controlled conglomerates during a parliamentary hearing in Seoul.
He said the wording was excessive, but that he still agreed with its substance.
Opposition lawmakers challenged whether his views could allow him to carry out his job fairly and asked whether major companies such as Samsung Electronics and SK Hynix were being accused of exploiting the country.
Joo said he was not against business or market competition, but argued that companies need managers who can make independent decisions.
The commission carried out 543 on-site inspections by October 5, more than the 472 conducted during all of last year.
Lawmakers from both the ruling and opposition parties criticized Coupang for challenging the commission’s inspection, while a company executive said it was seeking to protect its procedural rights.
Coupang has filed lawsuits seeking to cancel inspections related to suspected breaches of competition and retail laws; the hearing did not state what would happen next.
Fair Trade Commission chief Joo Byung-ki defended his past criticism of business groups at a parliamentary audit on Oct. 12.
He said his earlier wording was rhetorical and excessive in part but that he still held the view behind it.
Opposition lawmakers questioned whether his views on large companies and the market economy would allow him to perform his duties fairly.
Joo said he was not politically biased and described businesses and executives as the main actors in a market economy, with government agencies acting as referees.
The commission conducted 543 on-site investigations by Oct. 5 this year, more than its 472 investigations for all of last year.
- Who
- Fair Trade Commission chief Joo Byung-ki and lawmakers on the National Assembly’s Political Affairs Committee.
- What
- Joo defended his past criticism of large business groups and answered questions about his views and the commission’s enforcement.
- When
- Oct. 12, 2026.
- Where
- The National Assembly in Yeouido, Seoul.
- Why
- Lawmakers raised concerns about Joo’s past remarks and whether his views could affect his impartiality.
Opposition lawmakers
Joo Byung-ki
Past remarks
Opposition lawmakers
Lawmakers questioned whether Joo’s criticism of large business groups showed a distorted view of companies and the market economy.
Joo Byung-ki
Joo said his wording had been rhetorical and excessive in part, but that he still held the underlying view.
Business decision-making
Opposition lawmakers
Lawmakers challenged Joo over whether he meant that Samsung Electronics and SK Hynix exploited South Korea.
Joo Byung-ki
Joo said South Korean companies needed executives able to make independent, pioneering decisions, and acknowledged that his remarks could have sounded exaggerated.
The wording was rhetorical and excessive in part, but I still think so.
I am not politically biased.
The main actors in a market economy are businesses and executives, while government agencies such as the Fair Trade Commission and the Financial Services Commission are referees.
Have Samsung Electronics and SK Hynix exploited South Korea?
Joo, then a professor, said that hereditary economies of conglomerates and large business groups were making South Korea exploitative.
Joo took office as Fair Trade Commission chief.
The commission had conducted 543 on-site investigations this year, surpassing its 472 investigations for all of last year.
Joo defended his past remarks during a National Assembly audit.
- Commission chief
- Joo Byung-ki
- Annual investigations
- 543 by Oct. 5 this year; 472 last year
- Past remarks
- Joo said his wording was partly rhetorical and excessive but that he still held the view
- Questioning lawmaker
- Choi Eun-seok of the People Power Party
- Companies named by lawmakers
- Samsung Electronics and SK Hynix
Sources
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