April 26, 2024

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[THE INVESTOR] Korea’s corporate watchdog said on Oct. 31 that it will raise the ceiling of financial penalties against unfair business practices by large retailers from next month.

Under the revised ordinance, the Fair Trade Commission will impose a fine of up to 140 percent for violations, up from the current 70 percent.

Retail firms with 100 billion won (US$88.90 million) in annual sales, including large outlets, department stores and TV home shopping operators, will be subject to the tightened penalties, the state regulator said.

The latest action is part of FTC’s drive to increase costs for business heavyweights that break the law so as to compel them to abide by fair trade and fair competition practices.

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