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About 90 of fines levied on conglomerates by the financial regulator were later canceled by the courts last year despite initial rulings that sided with the regulator, data compiled by the Fair Trade Commission showed Sunday.
The FTC’s records showed it has won 14 of the 21 lower court cases on corporate fines last year, a success rate in the upper 60 percent. The results are better, at over 80 percent, when smaller companies and individuals are also considered.
“The FTC fines amounted to 4 trillion won ($3.79 billion) over the past 30 years, and 3 trillion won was levied after 2005,” an FTC official said.
But court records showed that 86.9 percent of the ordered fines were later found to have been canceled in the appeals process. Of the 313.1 billion won of fines in 21 cases won by the FTC, some 272.1 billion won was dropped for seven firms, according to the records. (Yonhap News)
The FTC’s records showed it has won 14 of the 21 lower court cases on corporate fines last year, a success rate in the upper 60 percent. The results are better, at over 80 percent, when smaller companies and individuals are also considered.
“The FTC fines amounted to 4 trillion won ($3.79 billion) over the past 30 years, and 3 trillion won was levied after 2005,” an FTC official said.
But court records showed that 86.9 percent of the ordered fines were later found to have been canceled in the appeals process. Of the 313.1 billion won of fines in 21 cases won by the FTC, some 272.1 billion won was dropped for seven firms, according to the records. (Yonhap News)
