A PYMNTS Company

South Korea: Communications watchdog issues record-breaking fine for telco giants

 |  July 19, 2013

South Korea’s recent decision to end its investigation into Google without action against the search giant should not necessarily garner a reputation for the nation’s competition regulators as ‘soft.’ The Korea Communications Commission announced a record fine of $59 million issued to the nation’s largest telecommunications operators SK Telecom, KT Corp, and LG Uplus for ‘overly aggressive’ competitive measures. This is the second time in the last year that the companies have been found offering excessive subsidies, for which the watchdog issued the fines. According to the KCC, the nation’s mobile telecom market is overly-saturated, say reports, yet the fined companies were requiring higher payments from consumers.

Full Content: Total Tele

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.