The antitrust regulator on Feb. 1 ordered SK Group to sell its 9.88 percent stake in SK Securities within one year because the business conglomerate violated a law that bans non-financial holding firms from owning a stake in a financial subsidiary.
The Fair Trade Commission also imposed a fine of 2.9 billion won (US$2.70 million) against SK Group for violating the law.
In 2015, SK Group was transformed into a holding company and given a two-year grace period to sell the stake in SK Securities.
Although the grace period ended in August last year, SK Group did not sell the stake, according to the FTC.
Last August, SK Group signed a contract to sell the stake to a consortium led by Cape Investment & Securities, but the contract was not followed through.
By Seong Seung-hyun and newswires (firstname.lastname@example.org