Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Industry experts predicts tough choices as NewJeans' ultimatum nears
-
9
Job creation lowest on record among under-30s
-
10
NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
[THE INVESTOR] The Fair Trade Commission has canceled a hefty amount of corporate penalties over the past five years as it has been losing lawsuits or lifted them voluntarily, a report showed Oct. 4.
In the report submitted to Rep. Park Yong-jin of the main opposition Minjoo Party of Korea for an annual parliamentary audit of its affairs, the antitrust watchdog said the amount of canceled corporate penalties stood at 995.5 billion won (US$903 million) between 2012 and this year.
In the first nine months of this year alone, the amount reached 330.9 billion won, compared with 385 billion won for all of last year.
This year’s increase was attributed mainly to the FTC’s loss in a lawsuit filed by South Korea’s largest noodle maker Nongshim.
Late last year, the antitrust watchdog lost the court battle with Nongshim over alleged collusion to fix the prices of instant noodles. The loss forced the FTC to return early this year 108 billion won in penalties collected from Nongshim to the company.
This year, the FTC also lost lawsuits with Daewoo Engineering & Construction and POSCO Engineering & Construction over their alleged collusion for bidding.
Last year, the FTC lost a court battle with the country’s major oil refiners, having a combined penalty of 254.8 billion won revoked.
The lawmaker called on the antitrust watchdog to hone up its capabilities to cope actively with suspected law violations by companies and impose foolproof penalties on violators.
(theinvestor@heraldcorp.com)
In the report submitted to Rep. Park Yong-jin of the main opposition Minjoo Party of Korea for an annual parliamentary audit of its affairs, the antitrust watchdog said the amount of canceled corporate penalties stood at 995.5 billion won (US$903 million) between 2012 and this year.
In the first nine months of this year alone, the amount reached 330.9 billion won, compared with 385 billion won for all of last year.
This year’s increase was attributed mainly to the FTC’s loss in a lawsuit filed by South Korea’s largest noodle maker Nongshim.
Late last year, the antitrust watchdog lost the court battle with Nongshim over alleged collusion to fix the prices of instant noodles. The loss forced the FTC to return early this year 108 billion won in penalties collected from Nongshim to the company.
This year, the FTC also lost lawsuits with Daewoo Engineering & Construction and POSCO Engineering & Construction over their alleged collusion for bidding.
Last year, the FTC lost a court battle with the country’s major oil refiners, having a combined penalty of 254.8 billion won revoked.
The lawmaker called on the antitrust watchdog to hone up its capabilities to cope actively with suspected law violations by companies and impose foolproof penalties on violators.
(theinvestor@heraldcorp.com)
