Headline: Stealthy law broadens debt burden Source: Euromoney Date: September 2001
On July 18 2001, Korea’s judiciary committee tabled the corporate restructuring promotion law. The same day, late in the evening, when most congressmen had disappeared from the National Assembly for their long-awaited holidays and evening entertainment, the judiciary committee sent it down to the floor. It was passed, in the words of bankers, without anyone’s knowledge. Even the local media failed to pick up on it until a few days later. “Everybody’s furious,” says a banker. “There was no consultation with the foreign banks and then the bomb was dropped. |