Gov't, ruling party vow harsher sanctions on companies over collusive practices
The government and the ruling Democratic Party of Korea (DPK) agreed Monday to pursue legal amendments to strengthen sanctions against companies that repeatedly engage in collusive practices. The ruling party and the government will introduce a system to revoke business registrations or suspend operations of companies found guilty of price fixing or bid rigging in 17 industrial sectors, Min…
The Democratic Party of Korea (DPK) and the South Korean government have vowed to implement stricter sanctions against companies engaging in collusive practices, according to a report from a policy consultation meeting held on Monday. Deputy party chair Min Byoung-dug announced the proposed amendments to the Fair Trade Act and 17 sector-specific laws, aimed at addressing price fixing and bid rigging in the safety, energy, transportation industries, and beyond.
Min Byoung-dug revealed that the government plans to introduce a mechanism for revoking business registrations or halting operations for companies found guilty of collusive acts in the designated sectors. They intend to extend the statute of limitations for sanctions, and connect information regarding large-scale public tenders with the Bid-Rigging Indicator Analysis System managed by the Fair Trade Commission.
In addition, the ruling party and government promise to enforce existing laws more rigorously, with punitive fines allowed for repeated collusive behavior. This initiative seeks to deter companies from engaging in anticompetitive practices and promote fair competition across various industries within South Korea.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
