April 18, 2024
Industrials
Hite Jinro fined W11b for insider trading
[THE INVESTOR] Hite Jinro was fined 10.7 billion won (US$10.30 million) for unfair trading with businesses controlled by the owner family’s members, the country‘s corporate watchdog said on Jan. 15.
According to the Fair Trade Commission, Hite Jinro placed massive orders with two firms operated by so-called specially related people of the company, undermining market discipline.
Hite Jinro also forced one of its affiliates to take over products made by the two firms at excessively high prices, providing unfair gains to the suppliers, the FTC said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
