April 27, 2024
Economy
24 firms added to antitrust watch list
[THE INVESTOR] The number of South Korean business groups’ affiliates subject to restrictions on mutual investment rose sharply in March, the corporate watchdog said on April 3.
The Fair Trade Commission said 1,155 firms were on its monthly watch list as of end-March, up 24 from the previous month.
They are owned by the country’s 27 largest business groups, including Samsung Group and Hyundai Motor Group.
Five groups, including CJ and POSCO, added a combined 34 more affiliates through stake purchases and new corporate establishments.
On the other hand, eight conglomerates, including LG and Lotte, removed 10 companies from their wings, the watchdog said.
Under South Korea‘s fair trade law, the affiliates of large business groups with assets of 10 trillion won (US$8.5 billion) or more are restricted from making equity investments in affiliates or offering loan guarantees to one another.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The Fair Trade Commission said 1,155 firms were on its monthly watch list as of end-March, up 24 from the previous month.
They are owned by the country’s 27 largest business groups, including Samsung Group and Hyundai Motor Group.
Five groups, including CJ and POSCO, added a combined 34 more affiliates through stake purchases and new corporate establishments.
On the other hand, eight conglomerates, including LG and Lotte, removed 10 companies from their wings, the watchdog said.
Under South Korea‘s fair trade law, the affiliates of large business groups with assets of 10 trillion won (US$8.5 billion) or more are restricted from making equity investments in affiliates or offering loan guarantees to one another.
By Alex Lee and newswires (alexlee@heraldcorp.com)
