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Kumho Group looked into most times by antitrust watchdog for violation
By Jo He-rimPublished : Oct. 20, 2021 - 17:10
Among major Korean conglomerates, Kumho Group has been under the microscope of Korea’s Fair Trade Commission the most, a lawmaker revealed Wednesday.
According to data submitted by the FTC to Rep. Kim Hee-gon of the main opposition People Power Party, the state-run antitrust watchdog’s Business Group Bureau in charge of overseeing company irregularities has conducted 10 investigations into Kumho over the past four years.
Since September of 2017 when the bureau was established up until September this year, it has conducted 272 reviews of suspected violations, such as breach of public disclosure requirements, the data showed.
Nonghyup Bank came second on the list with eight inquiries, and SK Group and Hyundai Group followed with seven each.
By the types of suspicions, 86 involved breach of disclosure requirements, while 63 were about internal financial dealings conducted without confirmation of the board or not publicizing the transactions.
There were 48 cases related to the setting up of a holding company. Thirty-one involved failures to announce important business details, such as matters regarding unlisted affiliates. Another 18 cases were about failure to identify affiliated companies in disclosures.
In the 272 investigations, the FTC accused 7.4 percent, or 20 cases, for legal charges, while it imposed fines in 14 cases and issued corrective orders in 12 cases.
According to data submitted by the FTC to Rep. Kim Hee-gon of the main opposition People Power Party, the state-run antitrust watchdog’s Business Group Bureau in charge of overseeing company irregularities has conducted 10 investigations into Kumho over the past four years.
Since September of 2017 when the bureau was established up until September this year, it has conducted 272 reviews of suspected violations, such as breach of public disclosure requirements, the data showed.
Nonghyup Bank came second on the list with eight inquiries, and SK Group and Hyundai Group followed with seven each.
By the types of suspicions, 86 involved breach of disclosure requirements, while 63 were about internal financial dealings conducted without confirmation of the board or not publicizing the transactions.
There were 48 cases related to the setting up of a holding company. Thirty-one involved failures to announce important business details, such as matters regarding unlisted affiliates. Another 18 cases were about failure to identify affiliated companies in disclosures.
In the 272 investigations, the FTC accused 7.4 percent, or 20 cases, for legal charges, while it imposed fines in 14 cases and issued corrective orders in 12 cases.
