On June 14th, Korea’s corporate watchdog said that a revision to the country’s fair trade law will be proposed to the National Assembly in September.
Earlier, the Fair Trade Commission said it would review 17 key issues, such as competition, and iron out a revision draft by July.
The current fair trade law, enacted in 1980, has been under fire for failing to reflect the latest industry trends and better protect consumer rights.
Kim Sang-jo, the corporate watchdog chief, stressed that the FTC would get tough on unfair business practices by the country’s family-controlled business groups.
Korean fair trade law forbids inside deals aimed at giving unfair support to affiliates under the wing of a conglomerate. Family-run business groups have used such intra-company deals to help companies run by owner family members win lucrative contracts and earn huge sums of money.
“Such business deals have been used to help managerial transfers, and hurt smaller businesses, and I think such practices should be rooted out,” Kim said.
Full Content: The Investor
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Plaintiffs Seek Communications In Antitrust Case Against Pioneer
May 9, 2024 by
CPI
UK Government Approves Vodafone-Hutchison Merger
May 9, 2024 by
CPI
Senate Majority Leader Announces Plan for AI Regulation Framework
May 9, 2024 by
CPI
BBVA Initiates Aggressive Takeover Bid for Sabadell
May 9, 2024 by
CPI
TikTok to Label AI-Generated Content Amid Election Interference Concerns
May 9, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI