April 25, 2024

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[THE INVESTOR] Korea’s antitrust watchdog said on May 24 that it has levied a combined 130 million won (US$120,000) in fines on Coupang and two others for unfair business practices.

Coupang did not send written terms of contracts to some of its suppliers between January 2014 and April 2016, and turned a total of 499 product items back to some of its suppliers without valid reasons, according to the Fair Trade Commission.

Ticket Monster also raised commission rates on some items without proper reasons between February and November 2016, the corporate watchdog said.

The FTC said it will rev up efforts to curb illegal business practices by such online shopping site operators as their presence has grown sharply in the past few years.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)