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South Korea: FTC stands ground on unbiased enforcement amid criticism

By  |  December 11, 2013

South Korea’s Fair Trade Commission stood by its commitment to deliver unbiased enforcement of the nation’s competition law as the FTC’s chairman Noh Dae-rae publically supported the early passage of the Foreign Investment Promotion Act.

The FTC held a news conference in the nation’s capital to discuss the political gridlock that has held up the Act in parliament. The legislation has been criticized as favoring major conglomerates as it exempts joint ventures from current shareholding ratio rules.

The passage of the bill, however, “can benefit the economy,” the FTC head said at the conference, who also spoke out against viewing the FTC as a regulator, noting that the Commission merely enforces existing rules to prevent anticompetitive behavior in the economy.

Full Content: Yonhap News

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