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The Ministry of Finance and Economy and the Financial Supervisory Commission have asked the U.K.'s Financial Times to print a rebuttal of a report in its Thursday edition entitled ¡°Seoul¡¯s new rules anger overseas investors¡± that suggested Seoul has it in for foreign investors.
The article dealt with a rule requiring investors who acquire more than a 5 percent share of a publicly traded company to disclose their legal status, management structure, and the names of their largest shareholders.
The government agencies said it was regrettable the FT condemned the revised rule as nationalistic by saying it targets foreign investors only, and that it took remarks from a supervisory service official out of context. They said given that the newspaper did not compare the revised rule to similar rules in Japan and the U.S., it appeared the FT applied double standards when it came to Korea.
FSC spokesman Kim Yong-hwan said that the purpose of the revision was to clarify ambiguous rules, not to ward off the negative influence of overseas investment, adding it applied to both domestic and foreign investors.
(englishnews@chosun.com )
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