Korea Fair Trade Commission nominee Noh Dae-lae is expected to face a tough grilling at confirmation hearings as opposition lawmakers have questions over his positions on issues concerning conglomerates and weapons procurement.
The former bureaucrat for the Ministry of Strategy and Finance has been known to be against further stringent rules on the equity structures of conglomerates.
When the antitrust watchdog set out to introduce tougher measures on big businesses’ web of complex cross-shareholdings of their subsidiaries and affiliates during the former Roh Moo-hyun administration, Noh openly opposed the “excessive regulations” on conglomerates.
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Noh Dae-lae |
Opposition lawmakers are likely to question whether he is fit to head the FTC and root out malpractices by big firms that hurt small and medium enterprises.
The administration of President Park Geun-hye is not likely set forth additional new rules on cross-shareholdings, but forbid conglomerates for further expanding in the form of circular equity tie-ups, as pledged by Park during her campaign for the promotion of economic democratization.
Nominee Noh will also face questions about his former position as the head of the country’s Defense Acquisition Program Agency on procuring next-generation fighter jets and tanks.
Noh had received a disciplinary warning from state auditors for erroneously reporting the status of engine and transmission power packs for K-2 tanks last year.
He is said to have reported that the German-made tank components were already in mass production, and that they had been adequately tested for sufficiency and efficiency.
Also, the former DAPA chief will be questioned on whether he led the agency to appropriately test Lockheed Martin’s F-35 stealth fighter, one of the candidates for the country’s FX program.
Noh’s nomination came after former FTC nominee Han Man-soo withdrew from the consideration after he was found to have evaded taxes on overseas deposits and advocated for conglomerates in the past.
By Park Hyong-ki (
hkp@heraldcorp.com)
