World Class Enterprise Association Conducts Practical Training on 'Civil Liability for Illegal Acts in Overseas Markets'

The World Class Enterprises Association conducted a practical training session on "Civil Liability for Illegal Acts in Overseas Markets" for its member companies on the 20th.

The training, held at the Korea Chamber of Commerce and Industry, was led by Choi Seon-jip, a former lawyer at Kim & Chang Law Office and currently an advisor to the World Class Enterprises Association. About 30 executives and employees of World Class Enterprises participated.

Advisor Choi graduated from Seoul National University with a degree in Social Education, passed the Administrative and Judicial Exams, and studied at Harvard Law School. He has served as legal counsel at the Ministry of Strategy and Finance and the National Tax Service. He has also been an advisor to the Korea Institute of Public Finance, the Ministry of Government Legislation, and the Financial Supervisory Service, as well as a lawyer at Kim & Chang Law Office. He is currently serving as an advisor to the World Class Enterprises Association.

This training focused particularly on real cases involving civil lawsuits overseas, receiving strong positive feedback from member companies.

Specifically, the training covered actual cases such as a domestic automobile company facing a class-action lawsuit in the United States, overseas companies sued by consumer groups for false advertising, and the scope of company liability when an employee commits a hit-and-run DUI after a company dinner, raising awareness among participants.

Additionally, the session included education on the legal binding scope of the so-called "letter of comfort" that subsidiaries or public enterprises may be required to present when obtaining loans overseas, helping member companies better understand precautions in international financial transactions.

A letter of comfort is a document provided by a parent company to banks lending to its subsidiary in international financial transactions. It is often used when the parent company cannot provide a formal payment guarantee due to limits on guarantee amounts.

The World Class Enterprises Association stated, "We hope this training will be practically helpful for our member companies to identify various types of civil illegal acts that may be overlooked locally amid rapidly changing overseas market conditions and to seek appropriate countermeasures."