April 20, 2024

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[THE INVESTOR] A total of 14 affiliates of three conglomerates -- Booyoung, Hyundai and Hyundai Department Stores -- have neglected to post regulatory filings, according to Fair Trade Commission on Oct. 18.

The independent body found 211 cases of negligence. Seven affiliates of Booyoung(Chairman Lee Joong-keun), a construction and housing rental company, accounted for 203 cases including 192 cases of intra-affiliate monetary transaction that were not reported despite being passed by the board of directors. It was fined 1.23 billion won (US$993,888). 

Booyoung Chairman Lee Joong-keun

The fair trade act requires affiliates of conglomerates to go get board approval and make a public announcement for deals with those with special relationship worth over 5 billion won or 5 percent of its equity capital.

By Hwang You-mee (glamazon@heraldcorp.com)