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South Korea: Antitrust watchdog fines 172 firms for disclosure violations

By  |  March 10, 2016

South Korea’s antitrust watchdog said Thursday that it has slapped a combined $672,720 US in fines on 172 affiliates of large business groups for regulatory filing violations last year.

Sixteen affiliates of Lotte Group were fined a combined 135.5 million won and 12 companies under the arm of SK Group were booked 92.6 million won in penalties for not properly reporting to authorities about their intra-affiliate business deals, according to the Fair Trade Commission (FTC).

The deals include transactions related to capital, assets, securities and services carried out among affiliates of the business groups, with appointments of executives and board members also subject to mandatory revelation.

Hyundai Motor Group was also fined 33.8 billion won for disclosure violations by six affiliates, while GS Group was slapped with a fine of 71.2 million won, added the FTC.

Full Content: Yonhap News Agency

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