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South Korea: Competition penalties geared to rise amid criticism of leniency

By  |  September 15, 2013

South Korea’s Fair Trade Commission said Friday it is prepared to tighten its grip on anticompetitive business practices in the nation and, according to head Noh Dae-Lae, penalties could toughen.

The FTC said it is planning to revise its regulations that outline how to penalize companies found to have infringed on competition law; such revisions could go into effect as early as 2014.

The news comes following criticism against the FTC that the watchdog acted too lenient in issuing fines on a traditional alcoholic drink company.

Baesangmyun Brewery was fined about $8,300 last week after the FTC found the company forced wholesalers to overload on its drink products to lessen its inventory. The fines were lightened by the FTC because the company cooperated with regulators during the investigation.

Full Content: Global Post

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