Restaurant Industry In Seoul Faces Major Losses with Implementation of Anti-Corruption Bill

If restaurants are lowering prices as well as closing down due to the new anti-corruption law just how many public servants are being bought off each day with free meals in Seoul?:

The implementation of a controversial anti-corruption law is scaring the retail and restaurant industries, who fear that gifts and free meals will become illegal.

The so-called Kim Young-ran law, named for a former Supreme Court Justice and Chairwoman of the Anti-Corruption and Civil Rights Commission who inspired it, was promulgated and signed by President Park Geun-hye in March 2015 and will be implemented from September 28. It forbids people in a range of professions from accepting meals that cost over 30,000 won ($26), gifts valued over 50,000 won and cash payments over 100,000 won.

Public officials fall under the law but also teachers, professors and even journalists. They are considered “public” professions by the lawmakers who passed the bill.

“A lunch menu at our Chinese restaurant is priced at 39,500 won,” said Oh Hee-jin, a manger at the Ritz-Carlton Seoul. “We are looking into lowering this to 30,000 won.”

Lotte Department Store is looking at reducing the size of gift sets to get their price tags below 50,000 won each.

But lowering prices is not a viable option for everyone.

“Hotels are supposed to take pride in providing the best services and food,” said a manager at the Shilla Hotel. “We can’t do that anymore if we start lowering prices on everything.”

Some restaurant owners are closing stores altogether. Some 30 vacant sites in Insa-dong, central Seoul, were once restaurants.

“Since April, restaurants have been closing one after another,” said a real estate agent near Insa-dong. “Restaurant owners used to rent space and pay a 200 million won premium. Now they won’t sign a deal even when I’ve lowered the premium to just 100 million won.”  [Joong Ang Ilbo]

You can read more at the link, but it is interesting that a private sector employee like a journalist is able to fall under this bill and be considered a public profession.  I am surprised no one in the media has challenged this law yet.