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THE INVESTOR
July 17, 2018
Big Reunion

Economy

FTC fines KT, POSCO for disclosure violations

  • PUBLISHED :October 17, 2017 - 15:38
  • UPDATED :October 17, 2017 - 15:38
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[THE INVESTOR] Korea’s antitrust agency on Oct. 17 slapped a combined 499.5 million won (US$441,900) in fines on KT and POSCO for regulatory filing violations.

KT has been ordered to pay 359.5 million won, as seven of its affiliates allegedly did not disclose their intra-affiliate business deals to the public, while two units of POSCO were levied 140 million won in fines for similar offenses, according to the Fair Trade Commission.

The fair trade law requires that large business groups with total assets of over 5 trillion won make known all deals to the public, including services carried out among their affiliates, so as to expand transparency in management.

By Alex Lee and newswires (alexlee@heraldcorp.com)
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