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Four public corporations fined 15.4b won for unfair trading
By Seo Jee-yeonPublished : Dec. 18, 2014 - 21:00
South Korea’s antitrust watchdog on Thursday slapped 15.4 billion won ($13.9 million) in fines on four public corporations and their affiliates for unfair trade practices.
The Fair Trade Commission said Korea Electric Power Corp., Korea Expressway Corp., Korea Railroad Corp. and Korea Gas Corp. and their affiliates favored some companies over others in their business dealings, while at the same time forcing partner companies to undercut prices.
“All corporations cited for unfair practices have been ordered to make changes to the way they conduct transactions in the future,” the FTC said.
It added that tough action is needed because these public companies exert considerable influence in the business areas they are engaged in, compared to private firms.
KEPCO effectively controls the country’s electricity sector, while the others have monopolies over land transportation and natural gas.
“It has been discovered that the four companies actually caused a chain reaction of unfair practices that could hurt small and medium enterprises down the line,” the regulator said. (Yonhap)
The Fair Trade Commission said Korea Electric Power Corp., Korea Expressway Corp., Korea Railroad Corp. and Korea Gas Corp. and their affiliates favored some companies over others in their business dealings, while at the same time forcing partner companies to undercut prices.
“All corporations cited for unfair practices have been ordered to make changes to the way they conduct transactions in the future,” the FTC said.
It added that tough action is needed because these public companies exert considerable influence in the business areas they are engaged in, compared to private firms.
KEPCO effectively controls the country’s electricity sector, while the others have monopolies over land transportation and natural gas.
“It has been discovered that the four companies actually caused a chain reaction of unfair practices that could hurt small and medium enterprises down the line,” the regulator said. (Yonhap)
