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South Korea: FTC sees large penalties canceled over 5 years

By  |  October 4, 2016

South Korea’s antitrust watchdog has seen a large amount of corporate penalties revoked over the past five years as it loses lawsuits with companies or voluntarily reverses penalty impositions, a report showed Tuesday.

In the report submitted to Rep. Park Yong-jin of the main opposition Minjoo Party of Korea for an annual parliamentary audit of its affairs, the Fair Trade Commission (FTC) said the amount of canceled corporate penalties stood at 995.5 billion won ($903 million) between 2012 and this year.

In the first nine months of this year alone, the amount reached 330.9 billion won, compared with 385 billion won for all of last year.

This year’s increase was attributed mainly to the FTC’s loss in a lawsuit filed by South Korea’s largest noodle maker Nongshim Co.

Full Content: Korea Times

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