These days, the country's five largest conglomerates are facing harsh criticism. Naturally, top economic aides finger the five chaebol without hesitation, shifting full responsibility to them for the oft-faltering reform process.
Criticism comes from abroad, as well.
Strangely enough, U.S. President Bill Clinton made comments critical of the chaebol reform during a press conference in Seoul Saturday. U.S. Vice President Al Gore also said during last week's Asia-Pacific Economic Cooperation forum in Malaysia that reform in Korea's corporate sector is too slow. Despite much talk, there have hardly been any improvements in their outdated fleet-style management scheme and corporate governance. What has been achieved thus far was merely the liquidation of small and little-known subsidiaries,'' a vernacular paper said in a recent editorial. Out of seven industries that the top five agreed to restructure through mergers or realignment, agreements have been reached in six industries thus far.