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 [...]
SEJONG, Sept. 4 (Korea Bizwire) — Corporate mergers and acquisitions (M&As) by South Korean firms more than tripled in the first half of this year as a global economic recovery encouraged companies to expand their business spheres, the antitrust watchdog said Monday. The value of reported M&As reached 41.5 trillion won (US$36.6 billion) in the [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]