Fair Trade Commission Archives | Be Korea-savvy
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 [...]

FTC Slaps Qualcomm with Record Fine of 1 Tln Won for Abusing Market Power

FTC Slaps Qualcomm with Record Fine of 1 Tln Won for Abusing Market Power

SEJONG, Dec. 28 (Korea Bizwire) – South Korea’s antitrust watchdog on Wednesday slapped U.S. mobile phone chipmaker Qualcomm Inc. with a record fine of 1.03 trillion won (US$853.1 million) for abusing its dominant position in the mobile communications market.  The Fair Trade Commission (FTC) said the San Diego-based company and its two affiliates breached the [...]

FTC Launches Investigation into Social Commerce Company Trade Practices

FTC Launches Investigation into Social Commerce Company Trade Practices

SEOUL, June 22 (Korea Bizwire) – While the social commerce market has been growing rapidly in Korea, the Korean Fair Trade Commission (FTC) has begun investigating unfair trade practices at Korean social commerce businesses. According to an industry expert, Coupang and Ticketmonster are being accused of violating the Large Scale Distribution Law, which triggered the FTC’s [...]

IKEA Disciplined to Revise Refund Terms

IKEA Disciplined to Revise Refund Terms

SEJONG, April 14 (Korea Bizwire) – South Korea’s antitrust watchdog said Wednesday that it has recommended global furniture giant IKEA revise itsterms regarding refunds for canceled deliveries. IKEA, which opened its first store in southern Seoul in 2014, is running a delivery service for South Korean customers who are familiar with free packaging and door-to-door delivery. The service costs [...]

S. Korean Mobile Carriers’ Takeover Row Boils Over

S. Korean Mobile Carriers’ Takeover Row Boils Over

SEOUL, April 11 (Korea Bizwire) – In a rare joint publicity stunt, South Korea’s two smaller mobile carriers placed an ad in 29 major newspapers late last month to denounce industry leader SK Telecom Co.‘s push to buy the country’s top cable TV operator. “We request that SK Telecom give up on a harmful acquisition [...]