SEOUL, May 3 (Yonhap) — South Korea’s corporate watchdog on Sunday designated 64 large companies, including private equity fund IMM Investment, that are obliged to disclose their corporate information to boost transparency.
The Fair Trade Commission (FTC) said businesses with assets of 5 trillion won (US$4.1 billion) or more and their 2,284 affiliates will be placed on its new watch list for mandatory filings.
IMM Investment, HMM, formerly Hyundai Merchant Marine, KG and three other business groups were added to the list.
The FTC revised the fair trade law in 2018 on affiliates of large business groups. It raised the minimum asset ceiling for tighter restrictions on mutual investment and loan guarantees to 10 trillion won from 5 trillion won, and introduced the new list for mandatory filings.
The watchdog said the mandatory disclosure system is aimed at encouraging big companies to do business in a more transparent manner as it altered restriction rules.
The combined assets of the 64 companies totaled 2,176 trillion won in 2020, up 136.4 trillion won from a year earlier, with 34 trillion won in assets per business.
Their debt-to equity ratio stood at 71.7 percent, up 3.9 percentage points over the cited period.’