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South Korea: FTC finds 29 confirmed violations of disclosure regulation

By  |  March 4, 2013

A more than $618 million fine has been issued by South Korea’s antitrust authorities on four business groups, including Samsung, for apparently violating disclosure regulations. South Korea’s Federal Trade Commission has charged the groups after an investigation, that lasted from October 2009 to September 2012, and which resulted in the FTC’s finding that the companies violated disclosure regulation regarding how the companies shared intra-group transactions. According to reports, legislation says business groups must publically release large-scale transactions among affiliates. The FTC found 29 confirmed violations, 13 of which involved delayed disclosures, 10 involved no disclosure whatsoever, and six failed to seek board meeting decisions.

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    Full Content: Yonhap News Agency

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