South Korea's finance minister said Wednesday that the government will push forward with reforming the corporate sector under the principles of self-help efforts by businesses and do its best to minimize the adverse impact.

"Based on the principles that creditor banks give out additional aid only when troubled companies come up with painstaking self-reform plans, the government will firmly lead the nationwide corporate restructuring process," Finance Minister Yoo Il-ho said in a meeting of economy-related ministers in Seoul.

"Supporting ailing companies who shirk their own responsibility will result in wasting taxpayers' money."

The top economic policymaker's latest comment is in line with his earlier stance that the government will not help a debt-laden company survive by pouring in taxpayer money since the country's top shipper, Hanjin Shipping Co., fell into court receivership and caused a serious weeks-long logistics disruption throughout the world.

Around 60 of Hanjin's container ships have been stranded at sea as they were blocked from entering ports in the United States, China, Canada and many other nations due to asset seizure requests.

The shipper's parent, the Hanjin Group, announced a plan to offer some 100 billion won ($91.4 million), including 40 billion won of group Chairman Cho Yang-ho's personal assets, to help ease the cargo crisis.

But the creditor banks of the company said it is not enough to solve the problem and decided not to provide fresh financial aid to the ailing shipper.

Yoo said the government is making all-out efforts to normalize the paralyzed maritime cargo delivery and there is some improvement.

"The government-led task force team is looking into the conditions of overseas seaports and detailed schedules of the stranded ships in order to help them unload freight," he said. (Yonhap)