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South Korea: Competition authorities move against Lotte founder

 |  September 21, 2016

South Korea’s antitrust watchdog said on September 21 that it will file a petition against the founder of Lotte Group for falsely reporting its overseas affiliates’ shareholding.

Under South Korea’s fair trade law, if a company’s assets exceed 5 trillion won ($4.48 billion), it is obligated to disclose stakes held by the company’s head and his/her family members in affiliates at home and abroad.

From 2012-2015, the FTC alleges that founder Shin Kyuk-ho deliberately omitted four affiliates from relevant documents submitted to the watchdog and scaled down his family’s stake in Lotte Group.

Full Content: The Korea Times

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