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Legal Issues on Ship Fund and Its Remedies

  • DONG-A LAW REVIEW
  • 2010, (46), pp.307-328
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law

Jeong Sang - Keun 1

1영산대학교

Accredited

ABSTRACT

Ship fund is a sort of fund and legally a party of investors in the shape of company(Ship Investment Company:SIC). Ship fund made a hit with KG fund in Deutschland and KS fund in Niederland and till now has good records in the field of ship financing, which we also have benchmarked. It has made for our sixth maritime power in the world. But in recent, its use has seriously dwindled because of worldwide financial crisis. None the less, SIC will contribute to our maritime industry. So we should make steps to maintain this trend by solving many problems. In conjunction with this, we should keep in mind to following issues. (1) The SIC bill should step for step with bill of the Unification of Capital Market. (2) Legal supports should be eliminated or minimized among bills related to fund. (3) Under the sanction system, Ministry of Land, Transport and Maritime Affairs as control ministries and offices have a poor expertise in handling of its service, therefore, complementary measures are needed. (4) We should investigate our tax supports system in relation to german one. (5) Marine industry is influenced by the trend of economic performance,but distribution structure of Ship Fund is a sort of fix allocation. So it is needed for SIC to make derivatives to hedge relative risks. (6) Besides tax support, other measurements like guarantee, insurance support are needed. Till now supports are concentrated on tax, therefore diverse progress has not realized in this area.

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