A PYMNTS Company

South Korea: FTC finds 29 confirmed violations of disclosure regulation

By  |  March 4, 2013
South Korea: FTC finds 29 confirmed violations of disclosure regulation

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    Full Content: Yonhap News Agency

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