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South Korea: FTC leader nominee vows to tighten grip on monopolies

By  |  December 4, 2014

The nominee to head South Korea’s Fair Trade Commission has vowed to tighten the regulator’s grip on monopolies and strengthen monitoring of market leaders, say reports.

Jeong Jae-chan was nominated by the government last month to lead the competition regulator. Now, he’s speaking out with plans for his new position.

”I will step up monitoring and enforce laws in accordance with principle for market leaders that are abusing their monopolistic power to hamper new competitors from entering the market and hurting the interests of consumers,” the policymaker said during a confirmation hearing.

He added that he would also focus on price-fixing and cartels, as well as aim pro-competitive regulation towards strengthening South Korea’s economy, according to reports.

Full content: Yonhap News Service

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