April 26, 2024

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[THE INVESTOR] Korea’s corporate watchdog on May 29 levied a combined 1.56 billion won (US$1.45 million) in fines on Samsung Electronics, Coway and four other air purifier makers for providing insufficient and misleading information on their products.

The Fair Trade Commission said it also issued warnings against two other firms, including LG Electronics, for the same reason.

The market for air purifiers in Korea has been exploding as more consumers are becoming concerned about fine dust levels in the atmosphere.

Sales of air purifiers in the country are expected to reach around 2 million to 2.5 million units this year, with some expecting the figure to reach as high as 3 million units, industry watchers said.

The government announced recently that it will install air purifying facilities in all preschools, elementary schools and special institutions in three years.

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