The Korea Chamber of Commerce and Industry held a "Seminar on Legal Support for Overseas Companies" with the Ministry of Justice on the 14th. This year marks the 11th anniversary of the seminar. More than 120 people attended the event, including Lee Hyung-hee, vice chairman of the Seoul Chamber of Commerce and Industry, Kang Joon-ha, director of international law at the Ministry of Justice, Lisa Miller, director of the World Bank's Integrity Bureau, and officials from major domestic law firms and exporters.
In the first session, Lisa Miller, director of the World Bank's Integrity Bureau, introduced key guidelines and countermeasures for the World Bank's integrity compliance program under the theme of "Compliance Guidelines for Overseas Companies."
"If the World Bank is sanctioned, not only the disclosure of the company name, but also participation in bidding for projects by major multilateral development banks such as the Asian Development Bank (ADB), the African Development Bank (AfDB), and the American Development Bank (IDB) may be restricted," he said. "As one sanction affects global business opportunities, companies participating in overseas projects should check the compliance system in advance."
The second session dealt with the "U.S. Foreign Corruption Prevention Act (FCPA) enforcement trends and countermeasures." Attorney Kim Sang-woo and lawyer Lee Kang-guk of Kim and Jang Law Offices introduced recent changes in FCPA enforcement policies and global corporate sanctions.
In the final session, they shared "measures to respond to changes in the Middle East situation and legal risks." Shin Dong-chan, a lawyer at law firm Yulchon, said, "The instability of the situation in the Middle East can lead to contract execution, insurance, and damage compensation risks beyond transportation delays and cost increases. As it is difficult to recognize force majeure only by increasing costs or risk of navigation, contractual provisions, notification procedures, the possibility of securing alternative transportation and supply networks, and the scope of insurance coverage should be checked in advance."
Yoon Chul-min, head of the Korea Chamber of Commerce and Industry, said, "The legal risks of overseas companies are complicated by global regulations and changes in the trade environment," adding, "The chamber will cooperate with related organizations such as the Ministry of Justice to help companies receive necessary information in a timely manner and increase their response capabilities."
