Corporate Watchdog Chief Calls for Tougher Penalties for Obstructing Investigations
5 Articles
5 Articles
Corporate watchdog chief calls for tougher penalties for obstructing investigations
Korea's antitrust chief on Sunday called for tougher financial penalties against companies that refuse to cooperate with investigations, following a recent dispute involving e-commerce giant Coupang. Ju Biung-ghi, chair of the Fair Trade Commission (FTC), said imposing fines equivalent to 1 percent of a company's total revenue for obstructing investigations would strengthen the watchdog's enforcement powers. "Imposing a fine equivalent to 1 perc…
Fair Trade Commission Chairman Joo Byung-ki, targeting Coupang for refusing an on-site investigation by the FTC, remarked, “Coupang is a representative heavyweight company of South Korea,” adding that the company “must act responsibly befitting its weight class.” Appearing on KBS’s “Sunday Diagnosis” on the 25th, Chairman Joo stated, “When a heavyweight boxer exercises market power, economic
Fair Trade Commission Chairman Joo Byung-ki is pushing for a measure to impose a fine of 1% of sales revenue on companies that refuse or obstruct investigations. He announced plans to alleviate the burden on the livelihoods of ordinary citizens by prioritizing the strengthening of the effectiveness of current investigative authority over the introduction of coercive investigative powers, and by intensively investigating monopolistic and collusiv…
(Sejong=Yonhap News) Reporter Kim Soo-hyun = Fair Trade Commission Chairman Joo Byung-ki stated on the 25th, "We impose fines for refusing an investigation, but it is not a slap on the wrist; we impose 1% of total sales..."
Fair Trade Commission Chairman Joo Byung-ki stated on the 25th, "To ensure that fines do not become a slap on the wrist in cases of refusal to investigate, we may impose a penalty of approximately 1% of total sales."
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