Corporate watchdog chief calls for tougher penalties for obstructing investigations

South Korea's antitrust chief, Joo Byung-ki, has called for more stringent financial penalties against companies that obstruct investigations, following a recent conflict with e-commerce leader Coupang. During an interview with public broadcaster KBS, Joo emphasized that imposing fines equivalent to 1 percent of a company's total revenue for failing to cooperate with an investigation would bolster the watchdog's enforcement capabilities.

Joo stated that while the FTC's current investigative authority is adequate, tougher penalties are necessary to deter companies from resisting investigations. The dispute arose when the FTC attempted to investigate Coupang in August, but the court denied the company's request to halt the probe, leading to an appeal. Joo advocated for legal changes to permit higher financial penalties and enforcement fines in such scenarios.