South Korea's president Moon Jae-in. Photo: Yonhap via Reuters

South Korean President Moon Jae-in chose a longtime critic of family-run conglomerates, or chaebols, to lead the country’s newly created Korea Fair Trade Commission (KFTC).

Korea JoongAng Daily reports that Kim Sang-jo, an economics professor at Hansung University who has been variously called “chaebol sniper” and “Samsung’s grim reaper” for his criticism of the chaebols, will serve as the first head of the KFTC, set up to regulate economic competition.

Kim has said that his first task will be allow other parties outside of the commission to bring antitrust cases to court. Currently, such cases can only be referred by the KFTC.

Moon, who was advised during his campaign by Kim, has vowed to strengthen the KFTC’s investigations into chaebols and target tendering processes that favor chaebol affiliates. The new president has also called for corporate governance reforms and give more power to minority stakeholders.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.