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South Korea targets Samsung and others under tougher corporate law

Regulator says six conglomerates will have to meet new rules for financial groups

Business groups deemed “financial conglomerates” face greater scrutiny under South Korea’s new corporate law. (Source photos by AP, Reuters and screenshot from Mirae Asset, DB and Kyobo website) 

SEOUL -- South Korea on Wednesday named six conglomerates it plans to target under a new corporate law, including Samsung and Hyundai, as part of its push to rein in the country's powerful family-owned business empires.

The Financial Conglomerates Supervision Law, enacted by lawmakers last week, tightens oversight of conglomerates' financial affiliates, while the revised Commercial Law and Fair Trade Law limits major shareholders' voting rights, among other measures.

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