[CLSTR]
< Back to all clusters
[BUSINESS] · South Korea · 3 sources

started · updated

South Korean FTC Chair proposes fines for investigation refusals

Fair Trade Commission Joo Byung-ki Coupang administrative investigation South Korea

Joo Byung-ki, Chairperson of the South Korean Fair Trade Commission (FTC), has proposed legislative amendments to strengthen the agency's enforcement capabilities. Specifically, he suggested that companies refusing administrative investigations should face fines of up to 1% of their total annual revenue, rather than the current system of minor administrative fines.

Addressing Coupang's recent refusal to cooperate with an on-site investigation regarding the Large-Scale Retail Business Act, Joo described the company as a “heavyweight” entity whose market power could act as a “weapon” against small business owners if left unchecked. He noted that while criminal penalties exist for some violations, the current law only allows for small fines in cases involving the Large-Scale Retail Business Act.

Joo also addressed allegations of information leaks regarding a trademark fee investigation involving Hanwha, stating that an internal inspection is underway. Regarding claims of discrimination against foreign firms, he asserted that the FTC does not discriminate by nationality and noted that domestic companies often face higher fine rates.

Furthermore, Joo defended the FTC's structure and the rising rate of court-granted stays of execution, clarifying that a stay does not constitute a judgment on the legality of the FTC's actions.

Entities

Coupang · Fair Trade Commission · Hanwha · Joo Byung-ki · South Korea

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

공정위원장 “조사 거부 시 매출 1% 과징금 부과하도록 법 개정해야” [www.kyeonggi.com]
주병기 “헤비급 쿠팡, 시장력 행사하면 소상공인에 흉기…조사 거부엔 매출 1% 과징금도” [biz.heraldcorp.com]
주병기 “헤비급’ 쿠팡의 시장력 행사, 소상공인에 흉기…책임 다해야” [www.hani.co.kr]