President Lee Jaemyung is speaking at a Cabinet meeting held at Cheong Wa Dae on the 3rd. Yonhap News
On the 3rd, President Lee Jaemyung stated that "the fines are far too small compared to the scale of collusion," and ordered a swift revision of the enforcement decree that is neutralizing the bill through excessive reduction provisions.
Blue House spokesperson Kang Yoojeong said that President Lee made these remarks in the afternoon while presiding over a State Council meeting at the Blue House.
President Lee was said to have mentioned, in the part of the meeting that was switched to a closed session, the need to improve systems such as the "revision of the statutory maximum sentence for collusive acts."
Spokesperson Kang explained, "President Lee stressed that, given the very heavy burden of prices, it is necessary to respond strictly to collusive acts, and he instructed that even the systems currently in place should be utilized swiftly for price stabilization."
Earlier, during the State Council meeting that was broadcast live, President Lee received a report from Fair Trade Commission Chairperson Joo Byungki on a plan to stipulate a lower limit for fines on collusion. This effectively means that fines cannot be reduced below a certain level in order to recover unjust gains obtained through collusion.
In response, President Lee, pointing out that punishment for those who obtained criminal proceeds is too lenient, asked the relevant ministries and agencies to "establish strict regulations as well."
Meanwhile, regarding the requirements for service by public notice, President Lee pointed out that they had been excessively simplified for the administrative convenience of financial institutions and that the system is excessively harsh on small-scale debtors.
When the Financial Services Commission replied that it had "requested the Ministry of Justice to review the Act on Special Cases Concerning the Promotion, etc. of Legal Proceedings," President Lee responded by asking, "Is it not possible to consider even abolishing unjust special provisions?" according to spokesperson Kang.
President Lee then emphasized, "Please consult with the National Assembly so that the livelihood-related legislation I instructed at the beginning of the administration will not be delayed too much, and speed up its passage."
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