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South Korea: Three top retailers nailed for supplier strong-arming

 |  December 15, 2014

Three of South Korea’s largest retailers have been hit with antitrust fines after authorities found them to have abused their market power against suppliers.

Reports say the nation’s Fair Trade Commission announced $527,000 in fines on Monday to Hyundai Department Store, E-Mart, and Lotte Mart.

Hyundai and E-Mart were reportedly found to have demanded that their suppliers offer market sensitive information, while Lotte was found to have passed on expenses to its suppliers.

According to reports, official fines against Lotte would mark the first time sanctions were imposed on a company for transferring personal costs to smaller companies.

Full content: Global Post

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