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South Korea's antitrust regulator said Wednesday it has decided to fine GS Retail Co. 5.4 billion won ($4.8 million), the largest-ever fine on a retail operator, for its unfair business practice.
GS Retail, the operator of super supermarket unit GS The Fresh, took profits from multiple suppliers without proper reasons and engaged in other unfair business practices between 2015 and 2018, according to the Korea Fair Trade Commission (KFTC).
GS Retail gained a profit of 3.9 billion won between 2016 and 2018 by underpaying suppliers.
The KFTC also ordered the company to take corrective measures. (Yonhap)
GS Retail, the operator of super supermarket unit GS The Fresh, took profits from multiple suppliers without proper reasons and engaged in other unfair business practices between 2015 and 2018, according to the Korea Fair Trade Commission (KFTC).
GS Retail gained a profit of 3.9 billion won between 2016 and 2018 by underpaying suppliers.
The KFTC also ordered the company to take corrective measures. (Yonhap)
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