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South Korea: Mirae Asset faces antitrust probe for intra-group trading

By  |  November 21, 2019

South Korea’s largest investment house Mirae Asset faces scrutiny from local antitrust authorities on charges of funneling work through intra-group trading that could benefit the majority shareholder. 

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    The Fair Trade Commission (KFTC) announced Thursday, November 21, it has issued a notice to the company calling for remedial actions and detailing possible sanctions it could face. The antitrust watchdog is also said to have referred to the company and its Chairman Park Hyeon-joo to prosecution. 

    Mirae Asset Group needs to submit an opinion on the KFTC report in three weeks, though it can ask for an extension. The KFTC plans to hold a meeting early next year to finalize the sanctions. 

    According to the KFTC report, group subsidiaries including Four Seasons Hotel Seoul and Blue Mountain Country Club are suspected of funneling rental management work to the holding entity, Mirae Asset Consulting, to profit the chairman and his family.

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