Public Fund Oversight Committee Reborn

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(From left to right: Lim Chi Yong (Lawyer, Bae Kim & Lee), An Chong Bum (Professor of Economics, Sungkyunkwan University), Park Kyung Suh (Professor of Business, Korea University), Chin Dong Soo (Chairman, Financial Services Commission), Min Sang Kee (Professor of Business, Seoul National University), Yoon Yong Man (Professor of Economics,  University of Incheon) and Seo Ji Hee (Executive Director, KPMG Korea)

The Public Fund Oversight Committee (PFOC) was re-launched on August 31st after an 18-month hiatus. The committee consists of FSC Chairman Chin Dong Soo, Vice Finance Minister Hur Kyung Wook and six private sector professionals designated by the FSC.  Chairman Chin and Professor Min Kyung Wook of Seoul National University were named co-chairs of the committee.

The committee was launched to oversee government funds, including the Restructuring Fund and the Financial Stability Fund that were newly established in response to the financial crisis.

The committee will outline guidelines for state funds as they purchase bad loans and assets of companies undergoing restructuring. Committee members will also discuss when and how to sell off companies that were bailed out using government money.

We will keep you posted on the committee’s future activities.

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About FSC Korea
The Financial Services Commission has been established for the purpose of protecting the integration of Korea’s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy-making and execution of financial market supervision

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