SEOUL, Jun. 13 (Korea Bizwire) – In an unprecedented move, South Korea’s antitrust regulator, the Fair Trade Commission, has levied a record fine of 140 billion won against Coupang, the country’s largest e-commerce company, on allegations of unfairly favoring its own products over those of third-party sellers. The staggering penalty, the highest ever imposed [...]
SEOUL, Nov. 18 (Korea Bizwire) – From now on, all transaction details related to cross-shareholding among business group affiliates must be disclosed to the public. The Fair Trade Commission said on November 17 that a scheme to prevent owner families from taking unfair profits from the cross-shareholding practice will be implemented from the same day. Earlier on July 25, [...]
SEOUL, July 24 (Korea Bizwire) – From now on, consumers will be able to demand documentary evidence to travel agencies when they ask for too much for cancellation charges. In addition, consumers will pay a certain amount proportional to the shift in exchange rate instead of paying a fixed surcharge whenever the exchange rate moves to an [...]
SEOUL, June 26 (Korea Bizwire) –As the Fair Trade Commission pressures the construction contractors ever harder for colluding in biddings, the total bill for penalties for the past two years has surpassed 450 billion won. Accordingly, some contractors with poor results this year had to pay fines in excess of their profits. According to construction industry [...]