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Foreign investors are miffed that Korea requires them to report the sources of their investment if they hold a more than 5 percent share in a Korean company and want a hand in management, the Financial Times said in its Thursday edition.
¡°The changes come after Dubai-based Sovereign Asset Management¡¯s aggressive campaign to overhaul the management at SK Corp, South Korea¡¯s largest oil refiner, and public outrage at a $1 billion tax-free profit made by Newbridge Capital, the U.S, private equity fund, when it sold Korea First Bank in January after owning it for less than five years,¡± the FT said. ¡°Foreign investors were furious about the latest change, saying it was inconsistent with South Korea¡¯s ambition to become a financial hub for Northeast Asia.¡±
The Financial Supervisory Commission recently decided to require foreign investors owning more than 5 percent of a company to disclose the purpose of their investment - whether it is for the sake of sheer investment or to participate in management. If they plan to influence management, they must declare their legal status, management structure, the names of their largest shareholders, and how they raised the capital for investment.
(englishnews@chosun.com )
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