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Politics

Moon's party passes bill to limit power of South Korea's chaebol

Conglomerates and opposition parties fear foreign hedge funds will pounce

SEOUL -- South Korea's National Assembly passed a bill to limit power of South Korea's strong family-run conglomerates, or chaebol -- a cornerstone policy of President Moon Jae-in.

The legislation to revise the Commercial Law was passed on Wednesday. Two other bills related to the chaebol -- a revision of the Antitrust & Fair Trade Law and enactment of the Financial Conglomerates Supervision Law -- are expected to be passed later in the evening.

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