April 25, 2024
Economy
FTC slaps W804b penalties in 2016
[THE INVESTOR] Korea’s corporate watchdog said on May 10 it imposed a total of 803.6 billion won (US$707.80 million) in fines last year to punish unfair trade practices.
The Fair Trade Commission said it handled 3,885 cases in 2016, down 11 percent from 4,367 a year earlier, with 3,802 new cases reported to the agency.
Out of the total, 111 cases were slapped with financial penalties, nearly halving from the previous year’s 202 cases, with the amount of fines jumping 36.5 percent on-year to 803.8 billion won.
It referred 57 cases to the prosecution for further investigation, while 252 companies were ordered to take corrective measures.
The watchdog levied the largest 350.5 billion won on 13 builders who colluded to fix prices in a public bid to build LNG storage tanks arranged by the Korea Gas Corp.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The Fair Trade Commission said it handled 3,885 cases in 2016, down 11 percent from 4,367 a year earlier, with 3,802 new cases reported to the agency.
Out of the total, 111 cases were slapped with financial penalties, nearly halving from the previous year’s 202 cases, with the amount of fines jumping 36.5 percent on-year to 803.8 billion won.
It referred 57 cases to the prosecution for further investigation, while 252 companies were ordered to take corrective measures.
The watchdog levied the largest 350.5 billion won on 13 builders who colluded to fix prices in a public bid to build LNG storage tanks arranged by the Korea Gas Corp.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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