Fair Trade Commission Chairman Joo Byung-ki apologized on the 21st for past remarks describing chaebol and large business groups as "the main players in an exploitative economy," saying he had not meant to deny the role large companies have played in South Korea's growth.
Speaking at a comprehensive audit held by the National Assembly's National Policy Committee, Joo said his intent was that "if large companies are to build global competitiveness and sustain their development, they need to fix opaque governance structures within large business groups and the side effects of concentrated economic power."
On his earlier description of companies widely held by many shareholders as "public companies," Joo said he had meant "that the rights of multiple shareholders and corporate social responsibility should be emphasized." He added, "I will keep in mind at all times that the role of the Fair Trade Commission in a market economy is to support companies so they can operate freely while observing a fair competitive order."
At a National Policy Committee session on the 12th, Joo had drawn criticism from both ruling and opposition lawmakers after saying of remarks he made as a professor — that "chaebol are exploiting the Republic of Korea" — that the "expression was excessive, but I still think so."
His latest comments came immediately after Rep. Seo Il-jun of the People Power Party, the opposition's liaison on the National Policy Committee, again called on Joo to step down. In a procedural statement that day, Seo said, "Can a chairman who holds such a negative perception of particular companies enforce the law fairly, without political bias?" He added, "He should resign on his own rather than damage the trust of the public and of businesses." People Power Party members of the committee also held a press conference on the 13th calling for Joo's resignation.