Fair Trade Commission Archives | Be Korea-savvy
FTC to Investigate Private Foundations Owned by Major Companies

FTC to Investigate Private Foundations Owned by Major Companies

SEOUL, Nov. 2 (Korea Bizwire) – The head of the Fair Trade Commission, Kim Sang-jo, announced plans to investigate the management of private foundations owned by major companies, as part of efforts to reform conglomerates and improve transparency, during a policy meeting today. The FTC made the announcement at today’s policy gathering in Seoul with [...]

Fair Trade Commission to Take Legal Action Against AirBnB Over Strict Refund Policy

Fair Trade Commission to Take Legal Action Against AirBnB Over Strict Refund Policy

SEJONG, Sept. 30 (Korea Bizwire) – The Korea Fair Trade Commission announced on Thursday it will take legal action against AirBnB after the online accommodations giant ignored its demand to comply with a correction order regarding its strict refund policy for South Korean clients. According to the Fair Trade Commission (FTC), AirBnB has failed to fully [...]

FTC Slaps 1.78 Billion Won on Fine on Mercedes-Benz Korea, Dealerships

FTC Slaps 1.78 Billion Won on Fine on Mercedes-Benz Korea, Dealerships

  SEJONG, Sept. 26 (Korea Bizwire) – South Korea’s antitrust watchdog said Tuesday that it has slapped a combined 1.78 billion-won (US$1.57 million) fine on Mercedes-Benz Korea and its dealerships for fixing labor costs for auto repairs. Mercedes-Benz Korea, the local unit and importer of German carmaker Daimler AG, allegedly suggested to eight dealerships fixing [...]

FTC Slaps 796 mln-won Fines on Two Bid Rigging Companies

FTC Slaps 796 mln-won Fines on Two Bid Rigging Companies

SEJONG, Aug. 10 (Korea Bizwire) — South Korea’s antitrust watchdog said Thursday that it has imposed a combined 796 million won (US$699,000) in fines on two local electronics part suppliers for rigging bids for public railway construction projects. The two companies — Yookyung Control Co. and Hyukshin Engineering Co. — allegedly colluded to participate in [...]

S. Korea to Abolish FTC’s Exclusive Rights to Prosecute Fair Trade Violations

S. Korea to Abolish FTC’s Exclusive Rights to Prosecute Fair Trade Violations

SEOUL, Jun. 21 (Korea Bizwire) — South Korea’s presidential policy advisory panel said Tuesday that within the next five years it will abolish the country’s antitrust watchdog’s exclusive rights to file a complaint with the state prosecution for any fair trade violations. “We will remove the Fair Trade Commission (FTC) of its exclusive authority to [...]

FTC to Strengthen Financial Punishment against Intra-group Trading

FTC to Strengthen Financial Punishment against Intra-group Trading

SEJONG, May 25 (Korea Bizwire) — The nominee of South Korea’s corporate watchdog said Wednesday that the government will strengthen punishments against “funneling of business” practices within conglomerates as he pushes forward his pledge to establish fair trade. “It is necessary to intensify financial sanctions such as increasing fines against illegal intra-group trading,” Kim Sang-jo, [...]

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

Antitrust Regulator to Scrutinize 4 Major Conglomerates: Nominee

SEOUL, May 19 (Korea Bizwire) — The nominee to head South Korea’s antitrust regulator pledged Thursday to scrutinize four major conglomerates as he seeks to establish fair competition in Asia’s fourth-largest economy. “I will assess issues related to the four major groups in a more thorough manner when the Fair Trade Commission implements laws,” Kim [...]

President Names Chaebol Critic as New Chief of Market Watchdog

President Names Chaebol Critic as New Chief of Market Watchdog

SEOUL, May 18 (Korea Bizwire) – President Moon Jae-in on Wednesday tapped a well-known critic of large conglomerates as the new chief of the corporate watchdog Fair Trade Commission (FTC). Kim Sang-jo, a economics professor from Seoul’s Hansung University, has been nominated as the new head of the FTC, according to the presidential office Cheong Wa Dae. “He has been nominated as he is considered the right person to set the direction for a new relationship between larger and smaller businesses based [...]

Antitrust Watchdog Slaps 70.2 Bln-won Fine on Four Builders for Bid Rigging

Antitrust Watchdog Slaps 70.2 Bln-won Fine on Four Builders for Bid Rigging

SEJONG, April 20 (Korea Bizwire) – South Korea’s antitrust watchdog said Thursday that it has imposed a combined 70.2 billion-won (US$61.4 million) fine on four local builders for rigging bids for a state railway project. The four companies — Hyundai Engineering & Construction Co., Hanjin Heavy Industries & Construction Co., Doosan Heavy Industries & Construction [...]