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South Korea: Too-low prices mean high fines for KT, LG Uplus

 |  November 30, 2014

South Korean officials have issued millions of dollars in fines to KT and LG Uplus for unfairly low prices of corporate messaging services, say reports.

The Fair Trade Commission announced Sunday that it has sanctioned the firms with $5.6 million in fines for excessively low prices of the messaging service, a move the FTC said undermined competition and pushed smaller rivals out of the market.

According to reports, the corporate messaging industry, which allows companies to send messages to clients, is big business. But while smaller companies controlled a combined 71 percent of the industry in 2006, KT and LG Uplus now control 71 percent, regulators said.

The watchdog added that the fines could be adjusted after additional calculations.

Full content: Yonhap News

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