Business Community Declares Political Intervention

Korea Times (Seoul, Korea), December 5, 1999 | Go to article overview

Business Community Declares Political Intervention


The business community has declared its political intervention, indicating a ``selective donation of funds'' for politicians who represent their interests.

The five major economic organizations, including the Federation of Korean Industries and Korea Employers' Federation said last week that they would openly engage in political activities to press ahead with their own interests.

KEF Vice President Cho Nam-hong said, ``The five organizations plan to mobilize every means to exercise have their interests better reflected during the parliamentary election next year,'' the KEF official said.

It is the first time that the business organizations have publicly declared its intention to interfere in politics, but it is uncertain yet whether it would carry out any action, as the Friday declaration is deemed more as a bid just``to divert labor's demand for company payment of salary for full-time union staff than political interference itself.''

In addition, business groups have lobbied the parties and lawmakers, though informally, by selectively extending donations.

The ruling National Congress for New Politics initially showed a negative reaction to the business move, citing the expected ill effects of politico-business collusion and corruption.

An NCNP spokesman, Kim Jae-il, expressed concerns over the move.``In view of the prevailing political culture, the chaebol's move is not desira le. …

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