FSS lists Eland, Kakao in debt monitoring group
The headquarters of Financial Supervisory Service (FSS) in Seoul / Courtesy of FSSBy Anna J. ParkRetail tycoon Eland and Kakao, Korea's Big Tech conglomerate, have recently been included in the Financial Supervisory Service's (FSS's) debt list due to their respective high levels of indebtedness. They will be assessed by creditor banks for financial stability. According to the FSS Wednesday, seven conglomerates, including Eland and Kakao, have been newly added to the watchdog agency's so-called main debt group list. The financial authority has produced the annual list since 1999 to prevent insolvencies of large conglomerates and to induce necessary restructuring. When the entire debt of conglomerates and credit offerings of banks exceed a certain amount set by banking supervisory regulations, the FSS will add the organization to its list. In total, 38 conglomerates have been named by the financial authority this year, each holding more than 2.07 trillion won ($1.54 billion) worth of debt, as of the end of last year, plus banking credit offerings of over 1.2 trillion won. Compared with
