[THE INVESTOR]  Finance Minister Yoo Il-ho said on Sept. 21 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,” he 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, fell into court receivership and caused a serious weeks-long logistics disruption throughout the world.

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.

(theinvestor@heraldcorp.com)