Regulator faces criticism for scolding SoCar CEO

By Park Hyong-ki

Choi Jong-ku / Yonhap
Financial Services Commission (FSC) Chairman Choi Jong-ku is coming under criticism from the startup community for calling SoCar CEO Lee Jae-woong "rude and selfish."

The regulator ramped up rhetoric against Lee after his meeting with local bankers, Wednesday, telling the press that Lee should show some respect to taxi drivers.

He said Thursday that he was not going to make an issue out of his remarks, adding the government will pursue both inclusive growth and innovation.

This comes after Lee posted on his Facebook that the government should not use the deaths and suicides of taxi drivers as a political tool to achieve its goal. He was indirectly referring to politicians seeking to win votes for the general election in 2020.

Lee Jae-woong / Yonhap
Lee has also criticized Finance Minister Hong Nam-ki for being behind the times after Hong said taxi drivers and car-sharing startups should reach a compromise that would benefit both sides.

Choi said it was also the responsibility of the administration to protect those, in this case the taxi drivers, negatively affected by emerging innovative companies. At the same time, it should also support innovation.

After Choi's remarks, Lee wrote, "Is Choi going to run for something? Nevertheless, I will take his comments to heart."

He responded again Thursday, saying, "There are no winners and losers when it comes to innovation. There will be victims though."

Several entrepreneurs lashed out at Choi via social media, siding with SoCar CEO Lee who has tried to talk to taxi drivers numerous times.

Some say Choi stepped out of line, given that car-sharing and mobility were not part of the regulator's jurisdiction, while others highlighted rumors that Choi is going to run for Gangwon Province governor.

Hancom founder Lee Chan-jin posted an online comment, saying, "I guess you will be called selfish and rude for criticizing the finance minister. And anyone who keeps quiet and does not criticize should be a nice person."

An entrepreneur in Seoul said that the mobility issue is very sensitive everywhere around the world.

"It is a very sensitive issue for all sides. Should we support the old or new? This is going to linger because there will always be resistance to new things," said the entrepreneur, who asked not to be named.

Lee founded Daum Communication, which has been acquired by Kakao.

SoCar owns VNCN, which operates the Tada van-sharing application. VNCN also developed Between, a mobile messenger for couples.



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