South Korea task force for corporate revamp

SEOUL: South Korea's financial watchdog said yesterday it would set up a task force to advise troubled companies on corporate restructuring to help them ride out the credit crunch.

The team of 43 experts will be formed on Friday and work for one year, the Financial Services Commission said.

"The government, banks and firms should work together for corporate restructuring," its chief Jun Kwang-Woo told a radio programme.

South Korea has announced a series of steps to lessen the effect of the global slowdown, including US$16 billion in loans to ease a dollar shortage for firms importing raw materials and exporting goods. - AFP