Corporate watchdog chief calls for tougher penalties for obstructing investigations
Korea's antitrust chief on Sunday called for tougher financial penalties against companies that refuse to cooperate with investigations, following a recent dispute involving e-commerce giant Coupang. Ju Biung-ghi, chair of the Fair Trade Commission (FTC), said imposing fines equivalent to 1 percent of a company's total revenue for obstructing investigations would strengthen the watchdog's…
The Korea Times reports that Korea's antitrust chief, Ju Biung-ghi, has called for tougher financial penalties against companies that obstruct investigations. This call comes in the wake of a recent dispute involving e-commerce giant Coupang. Ju Biung-ghi suggested that imposing fines equivalent to 1 percent of a company's total revenue for obstructing investigations would significantly enhance the Fair Trade Commission's (FTC) enforcement capabilities.
While the FTC currently has the authority to impose financial penalties and criminal sanctions for obstructing investigations, the Act on Fair Transactions in Large Retail Business currently only permits administrative fines. Ju Biung-ghi emphasized the need for more robust penalties to ensure effective law enforcement.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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