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‘One Shot Act’ Likely to Pass National Assembly Soon
Revitalization of Corporate Activities
‘One Shot Act’ Likely to Pass National Assembly Soon
  • By Jung Suk-yee
  • January 22, 2016, 02:00
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65 business groups have been categorized into the large businesses, which have an asset of at least five trillion won and are subject to cross-shareholding restrictions, in April this year.
65 business groups have been categorized into the large businesses, which have an asset of at least five trillion won and are subject to cross-shareholding restrictions, in April this year.

 

The Deobooleoh Democratic Party announced on January 21 that the scope of application of the so-called “One Shot Act,” which is a special act for the revitalization of corporate activities, would not be limited at all. Under the circumstances, the act is likely to pass the National Assembly during its extraordinary session of this month. Earlier, the party had been opposed to the inclusion of large corporation in the act because it can result in a special favor for the inheritance of conglomerates.

According to the act, business reorganization such as business exchange, business conversion and the initiation of new business is backed up between large corporations and smaller ones as well as large corporations themselves before non-insolvent enterprises likely to become insolvent go under. The party said that it would deal with problems during the course of the implementation of the act by means of amendments in the future. It seems that this decision is based on the fact that more than 100,000 people joined the signature-seeking campaign for the handling of the bill in just four days until January 21.

Immediately after the announcement, the floor leaders and policy committee chairs of the ruling Saenuri Party and the opposition party had a meeting organized by National Assembly Speaker Chung Eui-hwa. There, they almost reached an agreement on the three labor reform bills excluding the One Shot Act and the Act on the Protection of Temporary Agency Workers.

“The opposition party said it would accept the One Shot Act without a substantial change and we will discuss the Act on the Protection of Temporary Agency Workers in the near future,” the ruling party explained, adding, “Of the other three, the Service Industry Promotion Act is scheduled to be discussed as well with some issues still pending.”