Foreign firms to get briefing on anti-corruption bill

By Kim Hyo-jin

The anti-corruption watchdog plans to brief foreign businesses in Korea today on the contents of an anti-graft bill currently stalled in the parliament.

“Foreign businesses are showing much interest in so-called ‘Kim Young-ran bill,’” an Anti-Corruption and Civil Rights Commission (ACRC) official said. “We expect to explain more about our anti-corruption efforts and achievements.”

Proposed by Kim Young-ran, a former ACRC head, the bill allows legal action for those who receive cash or valuables worth more than 1 million won ($900) in bribes although they do not carry out favors.

However, the bill has been on hold due to controversy over the scope of its content that might be in violation of the Constitution.

ACRC Chairman Lee Sung-bo plans to appeal to the participants regarding the bill.

“We still remain at 34th among 180 countries in terms of the Corruption Perception Index,” ACRC spokesman Park Hyeong-joon said.

He added that foreign CEOs in Korea are the respondents when assessing the Korean index. “We need to improve their awareness by introducing our policies.”

Since 2008, ACRC has communicated with foreign companies in Korea and reflected their opinions on policies at an annual briefing.

Fifty participants include American Chamber of Commerce Chairman James Kim, European Chamber of Commerce Vice Chairman Toni Schreibweiss, and Seoul Japan Club Vice Chairman Hiroe Tadashi.