Lee turning back on big firms?

President Lee Myung-bak is turning up the heat on business conglomerates whose reluctance in investing and caring for smaller firms hinder his key policies for a broader well-being of ordinary people. 

His accusations toward big businesses are not new but the tone and severity are perplexing many who painted him as a staunchly business-friendly leader. 

Last week, Lee lashed out at big firms for remaining hesitant to invest despite their massive cash piles. He also accused large businesses of operating high-interest loan-services, burdening the poor.

On another front, the nation’s antitrust regulator has launched a probe into large businesses on charges that they used their dominant positions to force unfair deals with SMEs. 

Large firms logged record profits in the second quarter, leading the country to post one of the fastest economic growth rates among advanced nations. But their fat profits have not translated into benefits for SMEs and ordinary citizens, the president said, calling on large firms to take “social responsibility.” 

His remarks come as the ruling Grand National Party is struggling to shore up voter support following its crushing defeat on the June 2 local elections. 

The GNP threw its support behind Lee on Monday. 

“In the case of Samsung Electronics, it has reported a record-profit, and it has increased exports. But SMEs and ordinary citizens are living really tough lives,” GNP lawmaker Hong Joon-pyo was quoted as saying in a meeting. 

“The effects of economic growth should be distributed equally to SMEs and ordinary citizens,” he said. 

The latest remarks by Lee and GNP lawmakers have sparked a backlash from business and political circles, which accused the government of political meddling and populist policies.