South Korean Antitrust Regulator Fines 50 Business Groups for Public Filing Violations

SEOUL, South Korea - The Fair Trade Commission (FTC) of South Korea has imposed fines totaling 684 million won (US$524,499) on 90 affiliates of 50 conglomerates in 2023. These fines were levied due to the companies' failure to adequately disclose major business information as required by law.

According to Yonhap News Agency, large business groups with assets exceeding 5 trillion won are mandated to file details about their business operations, including transactions between affiliates, ownership structures, and information about non-affiliates. This year, 82 large business groups fell under these regulations. The FTC found 102 cases of violations, an increase from 95 cases in 2022, where 80 companies affiliated with 38 business groups faced a combined fine of 855 million won.

Among those fined, Hankook Tire and Technology Co., a major tire manufacturer, recorded the highest number of violations with 10 incidents, resulting in a fine of 42.78 million won in 2023. KCC, another conglomerate, topped the list in terms of the fine amount, being penalized 84 million won for two violations.

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