Korea amended the Act on Prevention of Divulgence and Protection of Industrial Technology
26 Jan 2012
On 26 January 2012, an amendment to the Act on Prevention of Divulgence and Protection of Industrial Technology came into effect. The amendment, introduced by law passed on 25 July 2011, introduces the obligation for certain Korean companies to notify the government and obtain its approval for foreign investments, including mergers or acquisitions or joint investments with foreign entities. Takeover attempts by foreigners also need to be brought to the attention of the government. Moreover, if the Minister of Knowledge Economy deems that the divulgence of national core technology may seriously affect Korea’s national security, it may suspend, prohibit, or unwind the operation.
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Entry and establishment (Approval and admission)
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