April 20, 2024

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The head of South Korea’s antitrust regulator said Oct. 22 she will ensure the country’s law is applied fairly against foreign companies accused of violations.

Fair Trade Commission Chairperson Joh Sung-wook made the comments in a meeting with business leaders at the headquarters of the Korea Chamber of Commerce and Industry in central Seoul.

Joh said the commission has received cases against foreign firms, though she did not give any further details.

She also said the commission will closely monitor companies with assets of less than 5 trillion won ($4.2 billion) over the widespread practice of awarding lucrative contracts to their subsidiaries.

Korea has been pushing to crack down on unfair business practices and to level the playing field for smaller firms in a country that has been dominated by family-controlled conglomerates, or chaebol, for decades.

Joh said large companies’ practice of awarding lucrative business contracts to their subsidiaries deprives smaller companies of the opportunity to compete for deals.

By Ram Garikipati and newswires (ram@hotmail.com)