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South Korea's financial authorities withheld the inclusion of Naver and Kakao as subjects to one of the “three fair economy bills,” designed to rein in the dominance of conglomerates and add transparency to corporate governance.
Only firms with two or more financial units and total assets of over 5 trillion won are covered by the bills passed by the National Assembly last week.
According to Financial Services Commission Vice Chairman Doh Kyu-sang, Kakao and Naver do not meet the standards.
Though Kakao manages two financial units, Kakao Bank and Kakao Pay Securities with total assets of over 20 trillion won, the latter unit's assets are merely around 100 billion won. Thus, Kakao is regarded as operating only a single financial unit.
Meanwhile, Naver has only one financial unit, focusing on its mobile payment services. Its total assets are below 5 trillion won.
At the moment, Samsung, Hyundai Motor Group, Hanwha, Mirae Asset, Kyobo, and DB, have been confirmed as subjects of the revised bills.
The bills are essentially revisions to the Commercial Act, the Fair Trade Act, and a bill on supervising business groups with financial units.
Naver and Kakao were expected to be scrutinized by the revision of the bill on supervising firms with financial units.
Onlookers expressed concerns over the decision, claiming the government has been giving too many favors to Big Tech firms.
