ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

South Korean anti-graft law misses revolving door

South Korea's new law restricting gift-giving to officials has perhaps attracted the most attention for its so-called "3-5-10" restrictions which have even been lampooned on global news channels.

This provision refers to curbs on public officials being treated to meals costing over 30,000 won ($26), receiving gifts valued at more than 50,000 won and accepting donations of more than 100,000 won for family events such as weddings or funerals. For a country where gift-giving is ingrained in the culture and a key component of maintaining relationships, the economic impact of the new law, officially the Improper Solicitation and Graft Act, on farmers, restaurants and other small businesses has been especially pronounced. 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more