A PYMNTS Company

South Korea: KFTC Chairman speaks of harsh penalties for big retailers

By  |  December 17, 2018

The chairman of South Korea’s Fair Trade Commission, Kim Sang-jo, made the comments in a meeting with heads of nine small suppliers for retailers in Daejeon, located about 160 kilometers south of Seoul.

    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.

    Kim said big retailers would pay punitive damages of up to three times the losses incurred by smaller partners in case of illegal business practices, such as rejection and returns without legitimate reasons.

    South Korea has been trying to level the playing field for small and medium-sized companies in a country where family-controlled conglomerates have dominated the economy for decades and some have recently come under fire for abusing their market dominance and exerting undue pressure on subcontractors and smaller firms.

    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.